Income tax act u/s 68 cash deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2018
For one of my friend issue i need some suggestion, and his business is used car trading and his income on commission basis, his turnover is 93 lakhs during AY 2016-17 and there was excess cash deposit of 4 Lakhs which was showed sundry debtors in previous year from third party has been deposited and confirmation letter was given to AO but they have not accepted it and added to tax in special rate for 4 lakhs can i go for appeal
Nikhil Kaushik
(Expert)
16 December 2018
I am sorry but how do you show excess cash deposit as sundry debtors? should not it be sundry creditors/advance receipts?
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