Income Tax Demand – January 2018

Income Tax Notice – January 2018

Attachment of Property

Following was seen by me during my visit today ( 28th Jan. 2018 ) to SCHC Complex. If any has more inputs, please revert.

It seems for the purpose of Income Tax Authority Senior  Citizen Home Complex Welfare Society is now known as Senior Citizen Home Complex Resident Welfare Association !!

And a news article too :

If any has cleaner copies of these, please provide, thanks !

Any comments ?

2 thoughts on “Income Tax Demand – January 2018”

  1. S P Chakravarty

    This tax demand makes no sense, and not just because it has been issued against an organisation whose name has hitherto not figured in proceedings either in the High Court or in the Consumer Court. More troubling is that the sums do not add up if we assume that there are not much more than 900 apartment equivalents (counting shops as apartments) in the entire complex..
    The demand for Rs493 million in income tax would makes sense if the rate of tax on profits made in the sale of flats is greater than100 per cent. That cannot be right. An alternative explanation is that an arbitrarily large penalty has been added to a more modest tax bill as punishment for delay in settlement. The penalty is so large that there is no incentive to try to pay. Declaration of bankruptcy appears more attractive if there is a route to bankruptcy under Indian commercial law.

  2. Law works in ways not so apparent to the layman. There is a tax demand from a body that – apparently – has some assets. First step of the law – and more so if that Authority is Income Tax – will be to make sure that the assets are not alienated. Similar notice had come out in the past also, except its scope has now been widened.

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