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PLEASE SOLVE !!!!!!!!!!

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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.Madhusudan B.P.

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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.,
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