cash deposited during the demonatization
This query is : Resolved
BHAGWATI PATEL
(Querist)
16 May 2019
Sir,
I had cash deposited of Rs.14,19,500/- during the demonetization and i filed the return of income for F.Y.2015-16 on 22/11/2016 and i have had cash on hand on 31/03/2016 of Rs.14,33,000/- AO ask clarification of cash deposit, why you kept cash till the demonetization i.e 01/04/2016 to 07/12/16. so advice me how to explain to AO in this case.
I had cash deposited of Rs.14,19,500/- during the demonetization and i filed the return of income for F.Y.2015-16 on 22/11/2016 and i have had cash on hand on 31/03/2016 of Rs.14,33,000/- AO ask clarification of cash deposit, why you kept cash till the demonetization i.e 01/04/2016 to 07/12/16. so advice me how to explain to AO in this case.
CA. Brijesh Baranwal
(Expert)
18 May 2019
If you are running a business and the cash is as per records/accounting entries, you may explain accordingly.
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