Notice from income tax department

sheetal sharma (8 Points)

01 April 2022  

I have got this from income tax department but I didn't have any such income from crypto currency. What should I do? Order under clause (d) of section 148A of the Income-tax Act,1961 Note: If digitally signed, the date of digital signature may be taken as date of document. ,AAYKAR BHAWAN, MAQBOOL ROAD, C R BUILDING, AMRITSAR, Punjab, 143001 Email: AMRITSAR.ITO1.1 @ INCOMETAX.GOV.IN, Note:- The website address of the e-filing portal has been changed from www.incometaxindiaefiling.gov.in to www.incometax.gov.in. * DIN- Document identification No. 1. The assessee filed its return of income on 09.07.2018 for the A.Y. 2018-19 showing total income of Rs. 9,27,120/-. The information in this case was received from Investigation Wing, on perusal of the report, it has been noticed that the asessee has sold crypto currency (Bitcoin) during the F.Y. 2017-18 amounting to Rs. 20,85,748/-. On perusal of the return of income filed by assessee, it has been noticed that the assessee did not show any capital gain arisen on sale of above crypto currency. Therefore, the sale consideration on sale of crypto currency namely Bitcoin is remained unexplained. 2. Therefore, with prior approval of the competent authority, an opportunity of being heard was provided to the assessee, as per provision of section 148A(b) of the Income Tax Act,1961 vide notice dated 24.03.2022. The notice was served through ITBA on registered email / speed post. The assessee was asked to show cause as to why above transactions shall not be treated as income chargeable to tax which has escaped the assessment within the meaning of provision of section 147 of the Income-tax Act 1961 for the assessment year 2018-19. 3. The assessee was required to furnish reply on or before 28.03.2022. In response to notice, the assessee has not made any submission even elapsing seven days from the date issuance of notice u/s 148A(b) of the Income Tax Act,1961. 4. Therefore, I am satisfied that the said income is chargeable to tax and it has escaped assessment to the extent of Rs. 20,85,748/- as the assessee could not explain the same. Hence, the case of assessee is a fit case for issuance of notice u/s 148 of the Act for A.Y. 2018-19. 5. This order is passed with the prior approval of the Principal Commissioner of Income Tax-1, Amritsar