can any suggest appropriate answer to problem of assessee depositing in any financial year sum of Rs. 10 laces in his saving account and also in his wife's account and also in his minor sons account, these monies are generated though undisclosed property transactions.
so how he can get minimum tax burden in this situation. with any case law on it.
If there is a cash credit in the bank account, and after inquiry of the AO, the assessee is unable to give satisfactory answer on the source of this cash credit, then the AO u/s 68 shall treat this cash credit as fully taxable under income from other courses and taxed at 30%.
Bank will not ask questions on what you are depositing in the bank locker. So try using bank locker instead of saving account when he cannot justify the cash credit.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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