Re: V s v eb
I have purchased a plot of worth rs.5500000 with sources from.husband and sons ,but due to some personal problems i could not represent/produce the proofs from my side on time ,but IT dept. taken bank statement s in which they found 15 lacs cash deposits erroneously with wrong notations and remaining are online transfers from my sons..but by having all statements… they computed tax 22,00,000 out Of Which Future Interst 5 Lacs and tax with special rate of 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
From what we understand from your query, if your case holds merits its better to contest the matter on merits. Further, under the VSVA, if the payment is made before December 31, 2020, you will have to pay only the disputed tax amount; the interest would be waved. However, if the addition is for the AY 2017-18 and it is at the special rate as per section 115 BBE of the Income tax Act, 1961, there will be no relief to that effect. If you are able to substantiate the source of investments by filing additional evidence it may be worth contesting in appeal . It may be desirable to take specific grounds on natural justice and file an affidavit why could not attend before the A0 and pray for admitting additional evidence .
Thank u veru much sir, we r on the job of producing evidences during appeal