28 June 2011
One Mr. X has deposited cash in his saving bank a/c in a financial year exceeding Rs.10 Lacs in aggregate. He is doing a business & is subject to tax audit. His case for the above year is under scrutiny. In the return filed he has not considered the above deposits in SB a/c. What is the remedy available. Now he says that the deposits were out of sale proceeds from his business & a resonable net profit should be taxable on it.
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