Notice U/s 143 (2)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 September 2010
Dear Experts,
One of my friend have a Dmat A/c in which his friend (Third person) done transaction and suffer huge losses. To fulfill his commitment towards stock broking company he have no option other than to collect cash approx. 8 lac from his friend and routed the same through SB A/c and net transfer the same to stock broking company to discharge his liability. Now he got a Notice U/s 143 (2) from Income Tax Deptt under CASS. What he can do now to clear his case in Income Tax Deptt and explain the cash deposited in his SB A/c?
One of my friend have a Dmat A/c in which his friend (Third person) done transaction and suffer huge losses. To fulfill his commitment towards stock broking company he have no option other than to collect cash approx. 8 lac from his friend and routed the same through SB A/c and net transfer the same to stock broking company to discharge his liability. Now he got a Notice U/s 143 (2) from Income Tax Deptt under CASS. What he can do now to clear his case in Income Tax Deptt and explain the cash deposited in his SB A/c?
06 September 2010
explain the source of income , by generating income of his , or convince them that amount is recd as loan from friEnds & RELATIVES ,BUT GO THRU sec 56 of the I.T ACT BEFORE DOING THIS .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
