Re: V s v
We have purchased a plot of worth rs.5500000 with souces from.husband and sons ,but due to some personal problems i could not produce the proofs from my side ,but it dept taken bank statement s in which they found 15 lacs cash deposits with erong notations and remaining are online transfers from sons..but by knowing all the computed tax 2200000 out Of Which Future Interst 5 Lacs and tax with special interest. So i appealed cit,but not yet called. recently they sent a notice to pay min 20 percent so i paid..mean while vivad se viswas was notified. Can I Get Relief Of Special Rate Of Taxation And Futre Interst Amounts.do they review complete case and find correct tax in this scheme? Kindly suggest
Reply of the Expert is awaited. Please check back later;
It appears that you failed to represent your case before AO. If you can prove source of money and identity of contributors (which is established as per your submission of money having been received from son) then it will be better to contest the case before CIT(A). Ensure your case is properly represented you need not be required to pay any tax and entire addition will be deleted.
If you opt for VSV then you will end up paying taax at special rate on the amount added and only saving will be interest and penalty, which in any case is 10% of tax payable i.e. 6 % of amount added.
It appears that you failed to represent your case before AO. If you can prove source of money and identity of contributors (which is established as per your submission of money having been received from son) then it will be better to contest the case before CIT(A). Ensure your case is properly represented you need not be required to pay any tax and entire addition will be deleted.
If you opt for VSV then you will end up paying taax at special rate on the amount added and only saving will be interest and penalty, which in any case is 10% of tax payable i.e. 6 % of amount added.]
CA Manoj Gupta
Jodhpur
9828510543