20 November 2016
I am a sole proprietor and started a partnership with my friend on 8 aug 2014 .The firm pan card was delayed , i used my personal saving account to trade for 3 months . deposited cash and withdraw cash from my personal account. i am into trading of fruits and all business is done purely in cash.
i received notice for income tax for cash deposits more than 50 lac in my account. can he fine me for using personal account for business in emergency ., do i have any remedy to escape