Details of assessee"s bank a/c received by the from AIR
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
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.
Please advise.
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.
Please advise.
CA SANKAR 9585590515
(Expert)
28 June 2011
Audit u/s 44AB compulsory audit is created to arrive at correct Total income of assessee.
It is a case of concealment of income. So the assessee is liable to Tax , Interest & penalty
It is a case of concealment of income. So the assessee is liable to Tax , Interest & penalty
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