Dear Friends,
I have issue regarding the cash transactions
"My client has purchased a land in december 2006 amounting to rs. 300000/-, for this amount is actually paid by father in law. My client returned cash to father in law in the month of March 2007 for which proof of bank ATM withdrawls are appearing in bank statement. Actually my client father n law is purely agriculturist and he didnot have bank account. Now ITO is makeing an order u/s. 269ss. Is this is valid?. Is there any caselaws saying that cash payment to relative is exempt??. Kindly let me know. Thanks in advance
CAclubindia
