if the person has deposited more than 10 lakn in a bank A/c and have no source of income. What transactions can be stated by the person to for the cash deposits?
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Quick Summary
This discussion addresses the implications of depositing over £10 lakh in cash into a bank account without a declared source of income. It highlights relevant sections of tax law, specifically Section 115BBE and Section 69, which deal with unexplained income and assets. The core question is how an individual can account for such large cash deposits made for personal expenditure when they lack a formal income source.