Advance for business

This query is : Resolved

MANJUNATHA (Querist)
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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.

Amol S Joglekar

Amol S Joglekar (Expert)
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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?

MANJUNATHA

MANJUNATHA (Querist)
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26 November 2014 Sir it is Rs.15,000/-, he is an individual.

Amol S Joglekar

Amol S Joglekar (Expert)
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26 November 2014 Give the details of the person from whom advance was received. That is sufficient.

MANJUNATHA

MANJUNATHA (Querist)
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26 November 2014 Which details shall i send to you Sir?

Rupesh Jain

Rupesh Jain (Expert)
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27 November 2014 you can give the name and address of the person and contact number.

Amol S Joglekar

Amol S Joglekar (Expert)
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27 November 2014 send the details of the person to the AO

Rupesh Jain

Rupesh Jain (Expert)
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27 November 2014 you can give the name and address of the person and contact number.

Amol S Joglekar

Amol S Joglekar (Expert)
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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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