Cash deposited in savings account more than 10 lakhs

Kindly guide

One of my clients has a Salary Income he is a police Officer....

as per AIS report he deposited cash Rs. 11 Lakhs in SB a/c

Client explained that he has taken loan from relatives for house construction and deposited in Bank..

now what is the remedy on this..

as per sec 269ss 100% penalty is there on such transactions...
Replies (3)
Quick Summary
A client, a police officer, deposited Rs. 11 lakhs in cash into their savings account, claiming it was from relatives' loans for house construction. While Section 269SS suggests a 100% penalty for cash transactions exceeding Rs. 20,000, this discussion clarifies that such deposits into a bank account are generally considered banking transactions and may not attract the penalty. Further guidance is sought on safeguarding the client.

Ok as per SEC 269 ss
Safeguard remedy is required
No problem. This is a banking transaction, so you may not worry about it. Penalty is applicable on non banking transactions over the limit of twenty thousand rupees.

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