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Cash transaction

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(Querist)
12 September 2011 Hi Experts,

Is there any harm in me lending some money to my friend by withdrawing from bank and receiving it back in a few days through electronic transfer? I am not sure if there can be some IT related trouble if I do that. Is there any way this sort of money flow can result in some additional taxation on any alleged account by the ITO?

Thanks!
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
13 September 2011 Any payment exceeding Rs. 20,000/- in cash other than account payee cheque shall be added as your income and equal amount shall also be charged as penalty for violation of the Income Tax provisions
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