- This topic has 26 replies, 18 voices, and was last updated 1 year, 4 months ago by
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UHi everyone, I’m in need of some advice regarding a situation my family is facing, and I’m hoping someone can guide me.
Back in 2016-2017, my father borrowed money from my aunt, who withdrew the amount and gave it to us in cash. A few months later, during the demonetization period, my father repaid my aunt ₹10 lakh, which she deposited back into her account at that time.
Fast forward a few years, and after missing some notices sent to my aunt, the Income Tax Department has now imposed a fine of nearly ₹13 lakh on the transaction. Under the DTVSV Scheme, they’re asking us to settle the case by paying around ₹9 lakh (which includes unofficial “bribes”).
We’re stuck deciding between two options:
a) Pay the amount and move on with a peaceful life.
b) Hire a good lawyer or CA, which could cost around ₹3 lakh (with no guarantee of winning), and fight the case to prove the legitimacy of the transaction.I’d really appreciate hearing your thoughts or advice. What would be the wisest course of action in this situation?
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SMy advice to you is put that 7 lakh in fd and hire a lawyer..you will get approx 12-13 k as intrest per quarter..make sure that if the lawyer is unable to win then atleast stretch it for years ..7 lakh will be 11 lakh in 5 years ..🥲
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VLawyer from delhi here!
Legal battles would be an advisable way to proceed.
From the basic facts you have a pretty strong case.-
UMy lawyer said the same thing and after digesting 6 digit fees he is coming and saying “order has been passed without hearing our side” , do you want to fight further.
Never go legal. Pay money think you were robbed or mugged. Pain is not worth it. Legal system is in shambles here
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UI agree. Same idea was pitched when a doctor amputated wrong arm 🤔. Interestingly both lawyer and doctor were certified but cannot be tried for negligence of duty.
Once burnt twice shy. Don’t get involved with court is a popular advice from elders since aeons.-
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P5% rule applies. Only 5% people in their field are actually good. 95% are dog shit. 5% doctors are great, 95% are dog shite. 5% lawyers, CA, engineers Yada Yada. Everyone else is dog shite.
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UAs far as I know it’s illegal to borrow and repay more than 2lakhs in cash. Does your order have a mention of section 269 ss or st? Please check with a proper charted accountant. This is not a lawyer work atleast until case reaches high court level. Right now you are probably before the commisioner appeals or tribunal. Here a chartered accountant is a better fit. You can negotiate the fees with one as a percentage of demand. Still better check with qualified professionals.
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FYou do understand that you can’t give or take loan in cash? Your story is not believable. Why could your aunt not do a bank transfer? Why she had to withdraw and give it to your father? And when he had to return the loan why did he not use banking channel? There is no way AO or even ITAT will believe this story. But if you do accept it as cash loan and settle the matter please check if new notices will be issued for cash loan. Never give any submission about it being a loan. A CA or lawyer can advise better but I don’t think you have a case. Better to pay the penalty and close the matter.
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