₹36 Cr Income Tax Notice Served on Man Earning ₹12k per month
The assessee received an income tax notice at his home alleging that a firm created in his name under the name "JK Enterprise" had generated crores of rupees in revenue
A family in Gujarat's Sabarkantha district was astonished when the Income Tax agency sent a notice for ₹36 crore in taxes from the family's earner, who makes ₹12,000 a month. The assessee was from Ratanpur hamlet in Idar, Sabarkantha and he is employed by a private corporation in Ahmedabad. Read More: No Bail in Corporate Fraud u/s 447 of Companies Act Without Satisfying Two...
A family in Gujarat's Sabarkantha district was astonished when the Income Tax agency sent a notice for ₹36 crore in taxes from the family's earner, who makes ₹12,000 a month. The assessee was from Ratanpur hamlet in Idar, Sabarkantha and he is employed by a private corporation in Ahmedabad.
According to the report posted on https://english.gujaratsamachar.com, Makwana, the assessee received an income tax notice at his home alleging that a firm created in his name under the name "JK Enterprise" had generated crores of rupees in revenue. Jitesh and his family reside in a small home constructed with the help of ₹36,000 obtained under the government's Indira Awas Yojana, despite the notification claiming that financial transactions totaling crores were carried out in his name.
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As per the Income tax notice issued, the Income Tax department discovered that Jitesh (under JK Enterprise) had submitted a claim for ₹20.05 crore in Input Tax Credit (ITC) based on data obtained from the CGST (Central Goods and Services Tax) department. A ₹36 crore tax notice has been issued in his name as a result. According to the Show cause notice, Jitesh's name was used to register the business, and crores worth of transactions were made. Jitesh has been requested to reply by April 13 with supporting documentation in accordance with pertinent parts of the Income Tax Act.
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