Advance for business
This query is : Resolved
MANJUNATHA
(Querist)
26 November 2014
Dear Expert
Advance received Rs.15000/- from customer in cash and deposited to Bank, but our business transaction is not complete as per agreement and subsiquently amount is returned to customer in cash. The customer is not an incometax assessee.
Now the case is selected for scrutiny, the Assessing officer is not considered the source of cash deposit in bank , because the customer is not declared to Incometax in his return.
sir Please give me any case law regarding this problem.
Advance received Rs.15000/- from customer in cash and deposited to Bank, but our business transaction is not complete as per agreement and subsiquently amount is returned to customer in cash. The customer is not an incometax assessee.
Now the case is selected for scrutiny, the Assessing officer is not considered the source of cash deposit in bank , because the customer is not declared to Incometax in his return.
sir Please give me any case law regarding this problem.
Amol S Joglekar
(Expert)
26 November 2014
The amount is 15000 or 150,000?
Give the details of the person from whom you received the advance, what is so great about it?
Give the details of the person from whom you received the advance, what is so great about it?
MANJUNATHA
(Querist)
26 November 2014
Sir it is Rs.15,000/-, he is an individual.
Amol S Joglekar
(Expert)
26 November 2014
Give the details of the person from whom advance was received. That is sufficient.
MANJUNATHA
(Querist)
26 November 2014
Which details shall i send to you Sir?
Rupesh Jain
(Expert)
27 November 2014
you can give the name and address of the person and contact number.
Amol S Joglekar
(Expert)
27 November 2014
send the details of the person to the AO
Rupesh Jain
(Expert)
27 November 2014
you can give the name and address of the person and contact number.
Amol S Joglekar
(Expert)
27 November 2014
Taking into account the quantum of amount, you should not feel scared of giving the details to Assesing Officer.
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