My freind has a purchase in a 17-18 of rs. 50 lack agianst which he shows sales incoices of 56 lack but unfortunately he deposited rs. 1.25 cr in his current bank account of firm. what will happen we he gets notice for tax evasion
You have to prove the source of Income received and if source not satisfactory then it will be taken as Cash Credit and it shall be taxable u/s 115BBE at the effective rate of around 85%.
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CAclubindia
