I have been purchased assets like bike, car, watch, machinery etc booking with 5 lakhs cash due to the company scheme and rest of cost paying by bank loan installments. I have cash balance as per my balance sheet in return filed, even I received notice from Income Tax for source of cash.
What happen if I did cash withdrawal from bank and purchasing assets in cash.
Menu
Asset Purchased in some Cash & rest of loan
Replies (1)
as far as sources for the cash is explained, there is no issues
Recent Topics :
- Capital gains incidence due to bonus shares
- Amendment of Object Clause of Memorandum
- How Can I Request a Refund for an Accidental Airte
- TDS on salary paid in cash
- YEAR END GST ENTRY FOR RCM NOT PAID RS 5000 I.E OU
- Last Date To Fill ITR For Non-Audit Case
- Guidance Required on Filing Fresh Registration und
- IT Return Refund Status AY 2026-27
- Clarification Regarding Income Tax Demand Notice
- Online PAN Download: Check How?
Related Topics :
CAclubindia
