Question ID :
31687
Notice under sec 148
The asessing officer after receiving information from bank for having deposited cash more than 10 Lacs in saving account has issued notice to asessee in last week of Mar 18 anticipating escapement of income from Tax within meaning of Sec 147 for Ass Year 2011-12.
In fact amount deposited pertains to sale of Agriculture Land.As Agriculture land is out of the purview of Capital Gain.Which Form of Return should be filed as filing of return is desired by Income Tax Officer and what about Sec 139 read with Sec 119(2)b and Sec 92CD
Posted by
Mahesh Kumar
on
Jun 11, 2018
Filed Under
DIRECT TAXES
I presume that u received a notice us 148 of the Act and hence you have a duty to file the returns if not already filed. If already filed then you can either file the very same return or file a letter stating that the return already filed may be treated as in compliance with the notice. In the proceedings you can plead that the cash deposit is out of sale of agri land.
siva208@yahoo
Posted by
SIVADAS CHETTOOR on
Jun 13, 2018
Answer ID :
69777
Reply to notice stating the fact. If ROI mandated then File ITR 2
Posted by
VINAY BHARGAV KUMAR G on
Jun 15, 2018
Answer ID :
69784
ITR form 2 is to be filed.
Posted by
CA. SATISH CHAND GARG on
Jun 16, 2018