A female assessee aged abount 57 years has deposited Rs. 9,67,000.00 (Nine Lakh Sixty Seven Thousand) in her Savings account on different dates in FY 2013-14. She has not filed the ITR and receives a letter from the ITO stating that she has deposited more than Rs. 1,00,000.00 (Rs. One Lakh) in her savings accounts and not filed the return. how can we proove that the same is not her earning and save the tax.
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Cash deposit in saving account more than nine lakh
Replies (3)
But if its not her earning, whose it is, the other person does he have PAN and is it reported in his ITR?? Some explaination needs to be given.
She is having an agriculture land in a rural area. She got the money from the sale of agriculture products managed by her brother. Now she dont have any receipt for the sale and hence not able to proove that it belongs to agriculture sale. Is there any way to proove that the money belons to agriculture sale to the AO.
Dear Mohit
Please note that these are false excuses not accepted by A.O. If she has deposit the same she had to prove the source of the same otherwise leads to penalty. The justification produced must be strong.
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