If an assessee withdraws Rs.600000 from his bank a/c in the financial year 06-07 ( i.e Rs. 300000 each) and deposits the same amount of Rs. 600000 in next financial year, so is it in accordance with provisions of Income tax? is there any case law related to this?
An assessee withdraws Rs.6,00,000 from his bank a/c in the financial year 06-07 ( i.e Rs. 300000 twice in the year) to purchase some property. But he was not able to purchase the property so, in the financial year 07-08 ( i.e after a gap of atleast 10 months)he deposits the same amount of Rs. 600000 back in the in next financial year, so is it in accordance with provisions of Income tax? is there any case law related to this?
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