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My Query ??

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 December 2010 Mr. X & Mrs. X have Joint Bank Account.
Rs. 500000/- is Lying in the Account & That of Mrs. X.

Cheque Issued From Joint Account For Rs. 5 Lacs in Favour of Proprietorship Firm of Mr. X as a Loan.

Mr. X has Signed The Cheque But Amt. Lying in the Account Belongs to Mrs. X.


Now AO Says That This Amt. Belongs to Mr. X & Only Dummy Name Has Been Mentioned .

He Wants To Treat The Amt. as Undisclosed Income.

Now My Question is Whether the Contention of AO is Correct or If any Case Law Belong to Such Matter.
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CA. BHAVIK DILIPBHAI MEHTA

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CA. BHAVIK DILIPBHAI MEHTA (Expert)
04 December 2010 1) If Mrs X is filing her own return of income & has shown interest income on Rs. 5 lacs then it is not an undisclosed income.

2) Secondly the amount brought in from the joint account to the proprietorship firm should have been shown as additional capital infused.

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 December 2010 How It Can Be Capital Infused.

Then It will Be Definately a Undisclosed Amt
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