Plumber gets notice of Rs. 6.5 crore from Income Tax-Dont let others use your bank accounts, think twice before signing any document

 Do you think twice before submitting your identity proof documents to your employers? Or carefully read all documents your employer makes you sign? If not, Shivnath Patel's story is sure to send shivers down your spine.

Patel, a plumber, received an Income Tax notice to explain a Rs six crore transaction from his bank account to purchase 69,000 shares of Alps BPO Services in 2002-03. Patel initially thought the notices were sent to him by mistake and returned them twice. He took it seriously only in December last year when he got a call from the I-T department. Officials questioned him about the financial transactions he had made as director of a realty firm.

Patel worked as a daily wager earning Rs 5,000 a month. His world came crashing down when he found out that it was alleged that he had purchased shares worth Rs 6,95,48,390 as director of a realty firm and would have to pay taxes on the same.

The above is an interesting news. The innocent person gets notice. Such transactions if caught should be considered as benami transactions by Income Tax Department and the guilty person should be proceeded against rather the innocent persons.

Recently I also saw one case where an employee of a travel agent who was getting salary of Rs 10000 per month but his saving bank account was being used by his employer for depositing cash received from his clients for booking air tickets. As a result his cash deposit in his saving bank account crossed AIR transaction (i.e. more than Rs 10 lakh in a year). The cash deposit in the employee's saving bank account was treated by AO as his income, the appeal in his case is still pending.

One should think twice before signing any document or giving one's identity proof to other no matter whoever he is even he is your boss. 
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