Urgent ..please answer it..

As per my view, I don’t think it have any tax implication on part of assessee on transfer of money to the company having interest of relatives. You can show it as a loan/advance. A.O. should be responsible to give reasons which constitute that assessee transfers the money in the company in which relatives has interest. Further, there is no such section section or law the assesse can prove that he is not accountable for that company, he has to prove by giving proper justification and explanation and other documentary proof, which can be available. Wait for further reply, what other members says??

I am guessing the notice would have come under the section 69 as Unexplained investment. The assessee has the option to prove with all the evidences that he has not made any investment in such company by producing the annual returns of the company or the memorandum of association or other register of members and other statutory records to prove that there is no investment made in that company. Also, you can show the audited balance sheet of the company to prove that there is no loans/advances given by the Person to the company.