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Querist : Anonymous

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Querist : Anonymous (Querist)
22 November 2011 Respected sir,

one of my friend received notice from I.T.O as he has hided one bank statement fully. the source is gift from his father. in this situation, will the ITO accept if we say this is gift from his father? or will there be any penalty for concealment of transaction?

pls give your valuable suggestions.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
23 November 2011 If you can substantiate the claim that the amount was received from father, for instance, if it was received by cheque, in that case there is no problem.
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