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assesment of cash deposit form disclosed sources
if a person deposits cash during demonetisation then what is the process of his assessments pls reply urjently
Replies (3)
nothing specific... usual assessment procedures... just like any other a. ys. you just need to prove the source for the cash deposits made
| Originally posted by : ashish tripathi | ||
 |
if a person deposits cash during demonetisation then what is the process of his assessments pls reply urjently |  |
you will have to identify the sources of cash. Now you need to be really careful as the AO can go a step further and verify that the sources you identify are genuine.
yes, as stated by Mr. nitesh, you need to
1. identify the person or creditor or depositor
2. creditworthiness of such person or creditor or depositor
3. genuineness of the transactions
failing to prove any of the above lead to taxability of cash deposit under section 68 @ 77.25%
1. identify the person or creditor or depositor
2. creditworthiness of such person or creditor or depositor
3. genuineness of the transactions
failing to prove any of the above lead to taxability of cash deposit under section 68 @ 77.25%
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