Demonetisation
This query is : Resolved
06 January 2017
What is the implication under IT Act of a person receiving money on old denomination after demonetisation out of the sundry debtor balance as on 08.11.2016 ? Will it lead to criminal offence or offence under any other law ?
06 January 2017
No offence but it will not be accepted by IT dept as normal deposit.
06 January 2017
If any query is raised by IT department , what reasons I can show them for justifying ?
09 January 2017
Your justification should be based on the facts of your case. There is no specific legal provisions barring it.
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