Cash deposits of Rs. 15,00,000 in to banck

This query is : Resolved

T.N.Reddy

T.N.Reddy (Querist)
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28 July 2024 Sir, One of my client, as he has got some good discount offer to buy the car and as he was pressurized by the banker to take the delivery of the car by so and so date, though he has not having money in the bank at that time, due to good offer, he has gathered the amount in cash from his friends circle and deposited the same in to his bank account and completed the car deal and that of Rs. 15,00,000 cash deposits are reported in the ATS/AIS/TIS accordingly. He is only a salaried employee and all of his salary entries in the bank are in electronic mode.
Now the issue is, I can not show as advance/loan received in cash from friends? so any solution to come over this cash deposits issue sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 July 2024 No solution. He cannot take cash loans of any amount of Rs. 2 lakhs or more from any person/relative. The donor should also be in possession of such cash at hand. Question will be why he/she didn't give loan by banking mode? etc.

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