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Cash deposit in current account

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Querist : Anonymous

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Querist : Anonymous (Querist)
16 February 2014 is there any problem if i made a cash deposit in current account of amount Rs. 2-3 crore . all income has been disclosed fully as sale & vat returns are filed ..
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
16 February 2014 The only problem is that we must have explanation.
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If the transactions are genuine and recorded then we can explain the same to the satisfaction of the AO and AO must have reasons for not being satisfied with such transactions.
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So, in your case there is no problem as such.
.
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AVTAR SINGH

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AVTAR SINGH (Expert)
17 February 2014 No problem in case of recorded cash sales in normal course of business.
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