Scrutiny Assessment! Undisclosed Cash Deposited!
This query is : Resolved
13 June 2011
Dear Experts
One of my client's case is under Scrutiny Assessment & has got the notice for the same. Now, in one of the points for the notice, the ITO has asked for explanation regarding Cash Deposited upto an amount of 20lacs to Bank A/cs. On my inquiry, the client told me that he has NOT disclosed the same in his return of income for that year. His Turnover of trading business (as per return) has been declared by him of Rs.6.5lacs only. So is there any way i can justify & explain the cash deposited?
Plz advise. ON URGENT BASIS.
One of my client's case is under Scrutiny Assessment & has got the notice for the same. Now, in one of the points for the notice, the ITO has asked for explanation regarding Cash Deposited upto an amount of 20lacs to Bank A/cs. On my inquiry, the client told me that he has NOT disclosed the same in his return of income for that year. His Turnover of trading business (as per return) has been declared by him of Rs.6.5lacs only. So is there any way i can justify & explain the cash deposited?
Plz advise. ON URGENT BASIS.
16 June 2011
Ask your client from where he got the money to deposit into bank account. He would you received from his customers and depoisted into bank account but declared in return for lesser value. Talk to your client to know the actual fact and then decide.
13 July 2023
"Sorry, I am not a featured member."
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
For featured members contact....
https://www.caclubindia.com/catalogue/featured.asp
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- EPF FULL & FINAL RULES IN 2026
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Rental income gst and it purpose
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Eway bill generation from place other than registeted
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
