deposits exeeds limint in bank account consiquences ?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2010 One of my friend has acepted deposits of some of his clients into his personal account during f.y.07-08 and total transaction in his bank was 1 crore 2 thousand.He was working in that period in banking sector & also was insurance advisor..he explain to me that he has taken the deposits of insurance premium into his personal account and some of initial deposits of bank customer has retained by him up to finaliasation of all formalties of opening a bank account givin by some costomer of bank to him .Now demand notice has been issued to him by the Joint Comm.for not explaining the bank transation exeeding the limit..tell me any remaidy if any .he is a salaried person & not having net worth of Rs. 25 lakh

carajesh_kumar@yahoo.com (send ur suggestion at my mail id )
with regard
rajesh thakur

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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04 December 2010 Explanation offered are flimsy. Difficult to sustain before tax authorities.

Querist : Anonymous

Querist : Anonymous (Querist)

06 December 2010 i know there is something black at the bottom..bt its true that he cant pay if there will be addition under the income tax act

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