Capital intro

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2011 My client have a business of three year old, her age is 45 year, retail counter, sale is 2 crore, has deposited cash in her saving account Rs.100000 lac on 4/9/09 and transferd it by ch in her capital account .

The ITO raised a question on it , I reply that she save some of from Drawing and some traditional gifts like holi, diwali, marrige, rakhi she recived from family.
But ITO does not agree if I am right or not.
pls tell

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 August 2011 The reasons cited by you are flimsy. Assessing authority will not accept such explanations for want of documentary proof.

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Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2011 Sir tell me pls if she have retail couner and there is only cash sale she have , only cash she withdrawal from her capital account for home needs,it is not necessary if she could spent all money , she can save or not, We recive caash gifts or not pls tell me

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