INCOME TAX ISSUES
5 years ago
I purchased a property /plotin 2005 on instalment scheme of Rs 2500.00 pm @ Rs55,000/- per guntha ( total 2.5 gunthas ). Only sale deed done. Property yet not transferred from builder name to my name.
The property was registered in 2014. I paid approx. Rs 1,60,000/- total to builder including instalments & registration.
During registration in 2014 , the property market value was Rs 11.00 lac approx. But during 2005 when i got allotment letter from builder , the property value was Rs 55,000/- per guntha.
After sale deed was made , income tax dept sent notice to me saying i registered property for Rs 1,60,000/- ( but the market value in 2014 was Rs 11 lacs ) by undervaluing the property.
I submitted all proofs including cheque copies & relevant documents to IT Dept.
However , in my absence , IT dept. forcefully & hurriedly got signed IDS form from my wife mentioning that i have undisclosed income of Rs 11 lacs - Rs 1.60 lacs = Rs 9.40 lacs.
Then the IT dept sent notices over notices to pay penalty on undisclosed income of Rs9.40 lacs.
After giving all details , IT dept.
However IT dept. have not considered any of my documents/proofs correctly & started claiming they have acted clean and i have hided undisclosed income of Rs9.40 lacs.
IT dept issued assessment order to pay income tax on for undisclosed income of Rs9.40 lac even though they are unable to prove it as my undisclosed income ,
Please advise :
1.If declaration made by wife ( non-assessee) can be taken valid to claim IT returns by IT Dept.
2.If i can go for appeal or for revision before PCIT , Pune.
3.If can file case against erring IT Officer who has forcefully taken signature from my wife for my IDS from without my consultation or consent.
4.File a case in consumer court.
Rameshwar Dadhe
Responded 5 years ago
You may consult Chartered Accountant for exact opinion.