Deposit of cash more then rs. 10 lakhs in sb a/c

This query is : Resolved 
 

(Querist) 19 September 2013

Sir,
One of my individual client has served notice u/s 142(1) of I.T. Act, 1961 to explain cash deposit for Rs. 18 lakhs in his SB A/c,Kindly suggest in best ways the explanation be present to him to convince reliable sources either gifts from relatives or cash in hand from previous years capital A/c or something else, please suggest.


Nikhil (Expert) 21 September 2013

better option shall be gift from relatives (provided the relatives are having adequate income to show as source of gift)



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