[aaykarbhavan] action u/s 132A, seizure of cash the seized cash is from the regular books of accounts. due to delay of four years the books of accounts lost. assessed u/s 143(1) case falls u/s 158B (1)(d)

In 158 BD case u/s 132A only cash was found. the explanation was furnished to the FEMA authorities. Later on after elapsing of three years, 158BD notice was served on us. in between the books of accounts was lost. in the statement before the ADI we have stated that the seized money is as per our books of accounts. there is a delay on the part of the department. 132A was made before the year ending 31032002. Return of income was filed u/s 139(1) , 143(2) time was over before issuing the notice u/s 158BD.our arguments are as under :-

(1)as the transaction is already recorded in the regular books of accounts hence pur case is falling u/s 158BB(1)(d).

(2) filed regular return u/s 139(1) transaction is already disclosed in the ITReturn.

(3) we received notice in 2004 the delay is on the part of the revenue .

(4) in the statement u/s 131 (1)(A) it is stated that the impugned seized money is from regular books of accounts. 

pl. suggest some case law which held that there is no jurisdiction of 158BD as the transaction is already entered in the books of accounts. 

__._,_.___

receive alert on mobile, subscribe to SMS Channel named "aaykarbhavan"
[COST FREE]
SEND "on aaykarbhavan" TO 9870807070 FROM YOUR MOBILE.

To receive the mails from this group send message to aaykarbhavan-subscribe@yahoogroups.com

Visit Your Group

• New Members 1

• Privacy • Unsubscribe • Terms of Use