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Demonetisation

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(Querist)
06 January 2017 What is the implication under IT Act of a person receiving money on old denomination after demonetisation out of the sundry debtor balance as on 08.11.2016 ? Will it lead to criminal offence or offence under any other law ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
06 January 2017 No offence but it will not be accepted by IT dept as normal deposit.
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SWARUPA

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SWARUPA (Querist)
06 January 2017 If any query is raised by IT department , what reasons I can show them for justifying ?
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ANKIT AGARWAL

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ANKIT AGARWAL (Expert)
09 January 2017 Your justification should be based on the facts of your case. There is no specific legal provisions barring it.

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