Income tax notice 143(2) for cash deposit

Mental calmness is very much required in such situation, specifically when it arises first time.

You will have to accept first, that what you did was your lifetime blunder, (which you are bound not to repeat), solely done without consulting any expert..

Best thing would be to consult any local Tax Consultant/CA, who can take out from the problem. I repeat, don't try to handle it your self. E.G. even physicians consult MD/MS/ specialist in their particular field, when any emergencies arise.

I don't want to tell you any phylosophy, but this is the best solution as received from our clients.

Thanks Dhiraj, Thanks for you time and reply. Just want to know... how much time it will take to sort it out. And which document I need to furnish.

Could you please suggest tax consultant in East Delhi with economical fee.

Don't be worried, but it takes its own time.

Usually to start proceeding itself it will be about 2/3 months, then depending upon your reply and AO's back-logs, generally 6 to 8 months.

But once your CA has put -up the case, its his responsibility, and you can do least, so be free.

I am extreamely sorry for not suggesting any name in East Delhi, let my colleagues here suggest some.

You have to relax and first work out the genuine reasons and try to be as accurate and straight as possible, changing versions may create issue so may be write it down and follow same and tell the same to the expert/CA who will handle your case. What was the approx sum that you deposited?

Please be calm 

1) some amount is received by you / your spouse from your mother in law and deposited in your account ,

(loan /Gift from relatives are not taxable and mother in law comes under the parameter of "relative", a  simple  declaration from her stating that the amount was deposited by her to your account is enough, stating  her PAN number ) vise  versa loan /gift from your side to the mother in law is also exempted. 

2) after a  certain time, the amount was returned through NEFT 

(If the NEFT is executed then surely there is bank account and PAN number in existance,  so her declaration is enough to offload the burden set aside the matter) also the net impact of transaction is NIL,  but the source is always in question by the tax authorities. 

 

However its always better to hire a  CA to represent with department , as personal apprearance would  be time consuming and lots of  if's and but''s  would arise  during the questioniore as the matter is related with family members money. and everybody would  like  to save him/herself as well as family  member also. so a CA or consultant would handle it better way. 

Thanks Mr. Sharma for the advice. As on date the case is being dealt by my CA and the whole thing has stuck on the source of income of my mother in law. I have also shown to ITO that 5 lac was deposited by my father in law as this amount was returned in account through Neft but now they are asking for cash account of father in law which justify the same. We are really puzzled. Please suggest a solution