14 December 2012
respected sir, my client has deposited a money in saving bank account at different point of time which he earned from selling of shares. he acquired shares in 1992. deposit has gone in excess of Rs.10,00,000/- he also withdraw amount at different point of time. so kindly tell me whether in case, if it is selected for scrutiny, whether ITO can ask about withdrawal that for what reason withdrawal has been made. he also did not disclose shares which acquired in 1992 in his return. whether he has any power to ask?
15 December 2012
your sound seems tobe anticipating scrutiny,
Why you anticipate a scrutiny? As you know very well the amount deposited in S.B A/C during the previous year exceeds 10 lakhs in cash then only scrutiny norms will apply.
And as per norms you have submit papers and details for deposit of cash in to S.B. A/C and, not for withdrawal of cash.
Assessing officer have a power to verify the documents upto 10 years,(with the permission from higher authorities) previously it was 6 years.
CAclubindia
