- 14/03/2017 at 10:18 am #7331
I am an NRI and investments done from NRE account and NRE status verified.
on 9 Jun 2006 I invested Rs.300,000/- is SCEEF (Standard Chartered Enterprise Equity Fund).
On 31 Dec 2007 I switched Rs.300,000/- from this scheme to SCCEF.
For this switch out/ in an amount of Rs.300,752/- was deducted from total value of the fund with Rs.752/- being the Security Transaction Tax and Rs.300,000/- being switched out amount.
I received a notice for non filing of tax and an amount of Rs.600,752/- was considered my taxable income amount.
This was based on following:
1. Rs.300,000/- invested in SCCEF on 31 Dec 2007 under AIR TXN code 003.
2. Rs.300,752/- Transaction date 31 March 2008 (amount under CIB Old code transcations) Txn Code 331 Mutual funds name and address of investors of Rs.20,000/- and above.
Have shown the switch records and even went upto ITAT who accepted Rs.300,000/- being switched in on 31 Dec 2007 from Rs.300,000/- invested on 9 Jun 2006. But the Rs.300,752/- still remains to be verified by AO.
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