Plant 500 trees, explain Rs 11.22 cr additional income
A Haryana man who declared an income of Rs 1,79,160 in his income tax return (ITR) for Assessment Year 2017-18, saw his tax liability jump by a massive Rs 11.22 crore when his case was selected for scrutiny. The Assessing Officer discovered large cash deposits, unsecured loans, and unsubstantiated agricultural income in the taxpayer's records.
The taxpayer was issued statutory notices but failed to provide required evidence, leading to the final assessed income of Rs 11,23,87,670 under Section 143(3) of the Income Tax Act, 1961. The taxpayer has now been given a rare opportunity to substantiate his case by planting 500 trees, with the condition that failure to do so will restore the original tax assessment.
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