JIJO YOHANNAN (Student CA Final ) (89 Points)
07 November 20171.How many Years back bank statement and FD source can an assessing officer can call u/s 133(6) for an Individual having income less than 5lakh from salary and Interest?
2.For 2017 usually they are calling details from FY 2010-11 onwards. IF the FD are renewal from 2008 can we put it as opening balance in reply notice.
3.If the FD arise on land sale in 2008 does they have power to assess the respective income?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(176815 Points)
Replied 07 November 2017
1. Eight preceeding years in case of domestic transactions and sixteen years in case of international transaction/s.
2. Yes. But redumption advices may be required as and when renewed.
3. No, but proof of sale of land may be called for.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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