CA CS Bhumika Thakkar (CA,CS) (1618 Points)
12 September 2012My client has received a notice u/s 23(1) in form 303 to pay tax of 550000 and interest on it..when he has not entered into any transaction at all..and in fact even closed down the firm..it was just a try which did not work..no transaction happened..now why the notice..its written to pay the amount within 30 days of the notice..
What do you guys suggest ?
PRANIT
(ACCOUNTANT)
(219 Points)
Replied 12 September 2012
first confirm the basis of charging mvat laibility by STI.
make a reply to dept. regarding none of business transaction done
for the period for which they release notice to pay tax. request them to
withdraw the notice of tax payment, give them some legal proof of
business closed., also produce bank statement if any there regarding
business trasnaction.
its just a chance to solve ur query i m not sure. fir accurate solution.
CAclubindia
