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Large notes banned
Replies (3)
Sunilji, your query also...........b...a....n....n......e........d!!!!
Dear Sirs,
Just out of curiosity want to ask this that suppose a labour class person who earns in cash an amt of 2lacs (all proofs available) and spends 1lac out of it..thus say for past 4 years he has 4 lacs with him , now as I've read on all posts he will be left stranded to the amount exceeding 2 or 2.5 lacs.. Now my question is why can't the arguments be that its an individual's wish whether he wants to keep cash with him or deposit in bank. Secondly since the income was below the taxable limit ITR wasn't filed. And lastly say the person never opened a bank account so there was no qurstion of depositing the same.
Or will all such explanations will be just ignored by the AO straightaway.
Just out of curiosity want to ask this that suppose a labour class person who earns in cash an amt of 2lacs (all proofs available) and spends 1lac out of it..thus say for past 4 years he has 4 lacs with him , now as I've read on all posts he will be left stranded to the amount exceeding 2 or 2.5 lacs.. Now my question is why can't the arguments be that its an individual's wish whether he wants to keep cash with him or deposit in bank. Secondly since the income was below the taxable limit ITR wasn't filed. And lastly say the person never opened a bank account so there was no qurstion of depositing the same.
Or will all such explanations will be just ignored by the AO straightaway.
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