Regarding air scrutiny cases

This query is : Resolved

m.faruk yusuf patel (Querist)
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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?

auditor sekar

auditor sekar (Expert)
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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.

Try to disclose the share income.