Nathrao
Insolvency N Gst Professional
Ssushr
Pune
Rajiv212
Service

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Mere possession of assets constitute disproportionate to known source of income. If someone did not intimate to his department to some of his assets but the assets one's posses is legal then can someone be found guilty in court of law?
From India, Patna
Your query does not give full details.
Intimation of assets to department is a departmental rule and can on violation involve only departmental action.Also informing the department does not make it fully legal.
Total assets owned by a person should match his income over the years.
If you can show to IT or court that each asset owned by you has been purchased by legitimate means from your income, from loans taken and repaid.gift from entitled persons etc then your battle is won.
Please consult a qualified CA.
Check of your tax returns for relevant period.For example you sell a flat,the sale details will mandatorily be required to given to IT department.

From India, Pune

Sir,Actually I had not mentioned some of my assets in the Assests and liabilities detail to my department.We have to feed Assests and liabilities detail each year in system but I have not feeded some assests in system,although whatsoever assests I possess is from my earned money.
From India, Patna
If you are a Central Govt employee there are DOPT instructions on it. Before acquiring any immovable property you have to intimate to the Head of the Dept and also you have to file Annual return on immovable property. If you have not done this you may face disciplinary action. You may correct your mistakes by giving reasonable explanation instead of hiding it.
From India, Pune
If some one is having assets disproportionate to his income will be decided by the court if the prosecution is filed by the appropriate agency. The court will decide on the basis of evidence produced before it on merit. If case is not filed and only it is still with the department then department will get themselves satisfied about the source of income for acquisition of immovable assets if they are not satisfied then only matter will be referred to the appropriate authority for further investigation and legal action.
From India, Pune
It is wrong that you have not given all assets on your possesion. It would be better to intimate about the assets under your possession but not furnished earlier declaration(as ommission).
Assets are coming to one from many sources and they can not be considered under disproportionate to one's income. But one has to reason out the sources if asked.

From India, Mumbai
Thanks to members for giving his views.However I have not purchased any assest what I have today is inherited and there are some cash which I have not mentioned in my assest and liabilities.what i have today is legally earned money the only thing I had not done is filling proper details of assest and liabilities.can this make me in trouble?
From India, Patna
As did not mention earlier I work in Psu sector
From India, Patna
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