Cash reciepts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2013 Experts Plz rep...
Can a company recieve cash against sales made to sister concern??
sales made was in previous year to the tune of 50 lacs now the company which had made sales wants to recieve cash in the current year, is this legally correct???

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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16 September 2013 50 lakhs in cash it will attract the attention of ITO easily and will get notice easily.
what is the reason for such huge cash sales with sister concern.

Querist : Anonymous

Querist : Anonymous (Querist)

16 September 2013 i dont know the xact reason but would like to know abt it whether it is legal in income tax, plz help

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 September 2013 income tax officer will try to find out the real source of such income already earned before it was handed to u for sale and many questions over its legitimacy shall be raised so better show it via bank transaction only and not in full 50 lakhs.

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