Income from undisclosed sources
This query is : Resolved
20 September 2018
Dear Experts,
Asssessee is an employee of Government of India Enterprise for last 37 year has deposited Cash during demonetization period received Notice U/s.143(2) of the I.T. Act,1961 for A.Y.2017-18.
Annual Salary after deduction interest from U/s.24 self occupied property as well as Deduction Under Chapter VI-A comes to Rs.7,98,270 during demonetization period.
Assessee is regularly filing his Return of Income as per provisions of the Income Tax Act, 1961 in accordance with provisions of the Income Tax Rules,1962.
Can a Assessing Officer Treat as Income from undisclosed sources.
Asssessee is an employee of Government of India Enterprise for last 37 year has deposited Cash during demonetization period received Notice U/s.143(2) of the I.T. Act,1961 for A.Y.2017-18.
Annual Salary after deduction interest from U/s.24 self occupied property as well as Deduction Under Chapter VI-A comes to Rs.7,98,270 during demonetization period.
Assessee is regularly filing his Return of Income as per provisions of the Income Tax Act, 1961 in accordance with provisions of the Income Tax Rules,1962.
Can a Assessing Officer Treat as Income from undisclosed sources.
20 September 2018
How much cash deposited, is quantum of cash deposited is reasonable considering known source of income.
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