PLEASE SOLVE !!!!!!!!!!
This query is : Resolved
Querist : Anonymous
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.
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.
CA.Madhusudan B.P.
(Expert)
04 December 2010
You should have proper documents,proofs & explain AO that this amount cannot be treated as undisclosed income, substiante it with evidence.
How will you explain that the amount of Rs. 5 Lakhs belong to Mrs.X ? whether this amount was delcared in her inocme tax returns ? etc.,
How will you explain that the amount of Rs. 5 Lakhs belong to Mrs.X ? whether this amount was delcared in her inocme tax returns ? etc.,
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