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Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2012 Dear Sir,
i received a SCN from income tax department.

fact of the case.
cash deposited in my personal account Rs 21,00,000/- department consider such amount as my income. but these amount is withdraw from my company account and deposited in my personal account and i make the expenditure on behalf of the company. is it liable to income in my hand. please suggest me. if there is any judgement regarding this issue please tell me.
thanks
Rahul Mishra

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 May 2012 You will have to prove that the amount was withdrawn from the company account and deposited in your personal account.

Further, you will also have to prove that you actually incurred expenses on behalf of the company out of the said amount.

In such a case the amount is not taxable in your hands.

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2012 Thanks for advice.. will you tell the decided case law or circular notification etc.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 May 2012 This is a case based on question of facts. Support of case law is not necessary. You should have the necessary evidence to substantiate your claim.

Querist : Anonymous

Querist : Anonymous (Querist)

24 May 2012 THANKS SIDDARTHA....

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 May 2012 You are welcome. You should use the thanks button to convey your thanks.

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