Reply of notice u/s 148, 142(1) & 143(2)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 November 2018 one of my client deposited more than 50 lakh by cash in his 2 saving accounts in Ay-2011-12. And he filed his itr u/s 44AD. He was in the business of commision agent. He Received the payments in his A/c from customers and supplied goods to customers. and make the payment to the original seller through his own a/c. now he receive notice u/s 148 on 27/03/2018. so how should i reply this notice

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

23 November 2018 are not commission agents not allowed to file under 44AD anyway?

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

23 November 2018 with respect to the notice, you will have to establish the source of the cash. else it can counted as unexplained income and taxed accordingly.

Upgrade to CAclubindia Pro. Subscribe Now!