I am a salaried employee and there was a cash credits in my account in April-2009 and hence my case was selected for scrutiniy.
Although I have furnished the sources of cash credits in my bank account, it was not satifactorily accepted by AO and hence AO passed the order of tax amounting Rs. 5,00,000/- AO also have charged interest and hence total tax demand for me is around 6.87 laks.
Now, my case is in appeal and I have paid 50% of the amount of tax demand and obtained stay for remaining 50% amount.
I have following question:
1. If the appeal result is against me, then do I have to pay interest on my remaining 50% amount? (Interest for the period of stay)
2. AO also have initiated penalty proceedings under section 271(c). So, if I have to pay the 100% penalty then I want to ask what will be my penaly amount. It will be including interest or it will be only as much as tax demanded i.e. 5 laks or 6.87 laks?
3. My case for FY 2009-2010. I had received first notice in the Sept-2010 and AO had passed the order in Dec-2012 and I have filed appeal in Jan-2013. By when I can expect appeal authority to give me the result?
CAclubindia
