cash credit U/S.68 of IT
This query is : Resolved
23 December 2008
the wife of assessee is withdrawal the amount from her patnership firm with the intension to invest in property at her home town jammu. the deal could not be struck of and the money was handed over to the assessee who deposited the cash in his account.The CIT sent the notice u/s 144 to the assessee of unexplained cash credit in his saving account
25 December 2008
What her wife shows this withdrawl from partnership firm. If the amount was included in the partnership accounts as drawing then he can show this receipt as gift or loan from wife.
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