one of my clients made bulk withdrawal of 30 lacs rupees in cash from his bank on 12/10/2017. so he received 143(2) limited scrutiny notice for cash withdrawal. he is a senior citizen. he is also paying income Tax regularly for all his income properly.
he has not spend 30 lakhs rupees and keeps the money in cash in his house. now he wants to deposit 30 lakh rupees again into Bank. is it correct or not ?. please explain
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bulk cash withdrawal from bank
Replies (9)
Why he withdraw so much cash,if cash expenses in books, consume cash(as per rules) & deposit left cash in account back.
he wants to purchase an Agri land. but he is unable to purchase land
Anything he want to purchase, Payment exceed 2 lakhs in cash is unauthorized under Income tax ,More than 2 lakhs items deals in electronic payment mode only.
but he has not spent . he kept his money in Cash in his house.
Deposit cash in hand of books in account.
so he can reply to the Ito that his withdrawal money has not spent and deposited again in to his account.
YES
Also told he withdraw cash by mistake for purchases , after consult with his advocate or ca he deposited cash in hand back to his account.
thanks
ITO may not accept the reasoning if the cash on hand being kept for longer period.
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