Cash deposit in current account
This query is : Resolved
Querist : Anonymous
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 ..
CA PARAS BAFNA
(Expert)
16 February 2014
The only problem is that we must have explanation.
.
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.
.
So, in your case there is no problem as such.
.
.
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.
.
So, in your case there is no problem as such.
.
AVTAR SINGH
(Expert)
17 February 2014
No problem in case of recorded cash sales in normal course of business.
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