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Q. > Please Help: Is there any provision for declaration of money by pakistanies
My Client is migrated from Pakistan in year 2008 & filed declararion regarding money & jwellery
brought. AS per CBDT circular 73/A/2/69-IT(A-II), dated 20.02.1969. In declaration he declared money
Rs. 30 lacs & the same amount deposited in bank before filling the declaration. He came by Road upto
Attari (Wagha Border) . He sold immovable property in pakistan for worth of Rs. 45 lacs & executed Sale
agreement , He was assessee in Pakistan and having bank deposits in Pakistan, which he encashed
before coming to india & declared after reaching india And now His case has being selected in
scrutiny.All these above docments submitted to AO together with residential permit and willing to settle
in India. There is no currency & banking trasaction between India & Pakistan. & Assessing authority is
pressing whether declaration regarding money brought in India was presented at Border while crossing
the border. As per circular Para No. 4(a), If amount declared execeeding Rs. 50000/- he should be having
sufficient sources in Pakistan. No such declaration is filled at border (Attari).
answered Nov 06, 2011 by Ashish Karundia , New Delhi
Dear Lokesh,
There is no provision of declaration under Income Tax Act, 1961 (however you are advised to check the provisions of FEMA,1999 in this respect). It may be noted that where the funds or the jewellery brought from pakistan exceeds then in such case, the claim will be accepted only if the persons concerned produce adequate evidence to show that they had sufficient funds/wealth in those countries and that the transfer of the cash/jewellery to India can directly be linked with the said funds or wealth. Thus, at most the assessing officer can ask to prove you the source of such remittance. Furtehr, you are also requested to refer the case of ITO v. Shri Lachhumal Bahrumal Sedari Nadiad [1979] Tax 52(6) 77 (Ahd. - Trib.) and CIRCULAR NO. 16D, DATED 15-6-1964.
Hope the above suffice.
Experts Panelist
Comments
CA SUBHASH KR.
09-Nov-2011 , 06:13:11 pmI agree with Mr. Ashish Karundia.......!!