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Deposit of cash more then rs. 10 lakhs in sb a/c (Income Tax)

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This query is : Resolved


( Author )
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 Kaushik and Associates

( 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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