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
Why he withdraw so much cash,if cash expenses in books, consume cash(as per rules) & deposit left cash in account back.
CAclubindia
