Cash deposited into bank

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2017 There is an addition on account of cash deposit of Rs. 1882000 into bank. Now our case is before CIT A. On what grounds we can save our client. Assessee has actually borrowed money from his relatives in cash in year 2013-14.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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29 May 2017 You may file confirmations from relatives regarding the amount borrowed. You will have to prove genuineness, creditworthiness and identity of persons from whom it is claimed to have been received. You may also file balance sheets and ITR of the relatives if they are tax payers and mention their source of earning.

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2017 Can we take amount from relatives more than Rs. 20000 in a year from one person