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.
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Asset Purchased in some Cash & rest of loan
Replies (1)
as far as sources for the cash is explained, there is no issues
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