I received a show cause notice from AO few days back regarding unexplained credits in my bank account.
Recently The AO sent a notice in which he treated my cash deposits in my bank account as unexplained income U/S 69 and proposed to add Rs 18,00,000/- to the Total income of the assessee for AY 2016-17 under income from other sources and tax the same u/s 115BBE of the Act.. I explained about the source of the deposits but the AO was not satisfied and went ahead with the show cause notice.
Is it true that the unexplained income for AY 2016 is taxed at 30% under section 115BBE?
Could some one help with what would be the tax+ penalty+interest i would end up paying for 18 lakhs of unexplained income
What is the section for penalty for unexplained income
and section for interest
CAclubindia
