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Cash deposited

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Yogesh Shah (Querist)
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24 December 2011 Cash Deposited and withdrawn during the year in saving account from cash balance so many times it is allowable by department or not ?and total deposit during the year may be above 10 lacs is allowable by department or not ?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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24 December 2011 The department has no problem with them if all of that is accounted for, if you can provide explanation to each and every transaction then whether it is 10 lakh or 10 crore.

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Yogesh Shah

Yogesh Shah (Querist)
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31 December 2011 Mr. AShwani

ITO had treat as income all cash deposited in bank. so i have to go for appeal ? i was given explanation as i have to increase creditworthiness with bank therefore i was deposit cash and withdrawn the same. than also he was added as income and raised the demand.
any solution for that ?

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