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Bhavya Arora (Querist)

20 August 2012 I need help regarding an issue in which my client has deposited cash in saving bank around 21 lakhs in the year 2011-12. Out of which 7 lakh is the fund trnsfer in anothers name on d same day(no idea whether it will be counted in cash deposited for the purpose of AIR.)
and all the cash deposits are from business....now i need help on the point that is it on the safe side by showing the gross receipts of rs. 20 lakhs around wid a net profit of more than 8%(aroud 20%) as it is a no account case...so what are the chances of getting the case scrutinize under AIR.

Gaurav Tripathi

Gaurav Tripathi (Expert)

20 August 2012 As per my experience there is a lot of chance, but it depends on Clint and its nature of business.

However its a case of cash deposition then chances are more. Yet If it happens regularly with this Clint then it can be possible that your case does not fell in scrutiny.

So, don't worry just show that if nothing is fake.

Remember "if you have proof then Your Wrong Is Right; But If You Don't have proof then your right is wrong "

Bhavya Arora

Bhavya Arora (Querist)

20 August 2012 So any way of playing safe where authorities cannot raise queries about the source of income.

Gaurav Tripathi

Gaurav Tripathi (Expert)

20 August 2012 Show that in books. Because you can't hide such big transactions.

wait-and watch. As business is included in case so as per law a Company cannot provide loan.

Bhavya Arora

Bhavya Arora (Querist)

20 August 2012 So if i ll show 20lakhs gross receipts then i m showing them in my income...nothing is hidden unless the case will fall in scrutiny....but still there are chances to fall???? Coz i m showing all the cash deposits in my return.

CA Amit Jaiswal

CA Amit Jaiswal (Expert)

20 August 2012 The bank will definitely comply with AIR norms.
Prepare for the reply so as to justify that all that amount was pertaining to business and show it along your turnover.

Best of Luck.....

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