Details of assessee"s bank a/c received by the from AIR

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 June 2011 One Mr. X has deposited cash in his saving bank a/c in a financial year exceeding Rs.10 Lacs in aggregate.
He is doing a business & is subject to tax audit. His case for the above year is under scrutiny.
In the return filed he has not considered the above deposits in SB a/c.
What is the remedy available.
Now he says that the deposits were out of sale proceeds from his business & a resonable net profit should be taxable on it.

Please advise.

CA SANKAR 9585590515

CA SANKAR 9585590515 (Expert)
Follow

28 June 2011 Audit u/s 44AB compulsory audit is created to arrive at correct Total income of assessee.

It is a case of concealment of income. So the assessee is liable to Tax , Interest & penalty