Notice u/s 148 on the basis of air information- its validity.

Amar (Querist) 24 March 2014 This query is : Resolved
I am an umemployed person having not any source of income. But, I have taken cash from different people worth Rs. 12 lakh and deposited in my saving account during F.Y. 2011-12. The purpose was to apply for agecy of LPG in my area. But unfortunately, I could not get the agency and then I returned back cash to the different persons. Now I have received a notice u/s 148 from Income tax Department for a.Y. 2012-13. What should do I as I had not any income that year and also is it a case of escapement of income as required for section 148 of the I. T. Act. Please also quote case laws in this regard.

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Devajyoti Barman (Expert) 24 March 2014
Better consult a tax expert.

R.K Nanda (Expert) 25 March 2014
contact tax lawyer.

Nadeem Qureshi (Expert) 25 March 2014
agree with experts

Rajendra K Goyal (Expert) 25 March 2014
Consult a tax consultant.

T. Kalaiselvan, Advocate (Expert) 26 March 2014
Though what you state seems to be acceptable but something is missing in your narration. Please contact a good tax consultant in your locality and go ahead as per his advise.