NOTICE U/S 142(1)

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sandeep (Querist)
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25 November 2010 HI FRIENDS, I HAD RECEIVED A NOTICE U/S 142(1) FOR A.Y. 2009-10 DATED 15.10.2010 CALLING FOR SOME INFORMATION AND SUBMITTING DETAILS.
THE PROBLEM IS THAT MY BANK ACCOUNT SHOWS NUMEROUS TRANSACTIONS AMOUNTING TO A TOTAL OF RS. 18 LAKHS. ACTUALLY THESE TRANSACTIONS WERE ONLY DEPOSITS AND WITHDRAWLS TO MY BANK ACCOUNT BY MYSELF JUST TO SHOW TRANSACTION FOR ABROAD VISA PURPOSES. HOW CAN I EXPLAIN THE SAME TO A.O.? CAN I TELL HIM THAT THESE WERE JUST TRANSACTIONS MADE FOR RECORD IN THE PASSBOK? I DO NO HAVE ANY EVIDENCE TO PROVE EXCEPT THAT I AM GOING TO ABROAD.CAN THESE PUT ANY PENALTY IMPLICATIONS ON ME AS I HAVE NOT MENTIONED THESE IN MY RETURN FILED MANUALLY. KINDLY ADVISE ON URGENT BASIS.
THANKS AND REGARDS,
SANDEEP THAKUR.

CA Sanat Pyne

CA Sanat Pyne (Expert)
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25 November 2010 YOU HAVE TO PRODUCE THE ACTUAL SOURCE OF THE AMOUNT DEPOSITED IN YOUR ACCOUNT.

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sandeep

sandeep (Querist)
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25 November 2010 the amount at one time deposited is rs 250000/- but the same is withdrawn again and deposited again and again withdrawn so to make a total of 18 laks of total transaction. but the same 25000/- is being deposited and withdrawn.

sandeep

sandeep (Querist)
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25 November 2010 its rs.25000/-

sandeep

sandeep (Querist)
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25 November 2010 do i need to show source of rs 18 lakh or 25000/-? as i only circulated 25000/- again n again

CA Sanat Pyne

CA Sanat Pyne (Expert)
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25 November 2010 It is totally depends upon the A.O.You have to justify the reason for recurring deposit and withdrawal.

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