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REPLY TO ITO AGAINST CASH ON DEMONITISATION 2016 .

PALASH (Nothing) (2000 Points)

09 November 2019

During demonitisation period 2016, my client deposited rs 10 lacs into his savings bank account , ok , now few notices have been issued to my client ( AY 2017-2018 ) by asking that

From which source that amount ( rs 10 lacs ) came out to him ? Please specify that source .

My question :

1) From which source that amount he ( my client ) got should i say to ITO so as to vacate any demand against that notice ?

2) What is the ultimate remedy to overcome that above situatuion ?

Please justify with reasons & by using proper provisions only otherwise not .

Regards.

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6 Replies

rama krishnan (12239 Points)
Replied 10 November 2019

1. the source should be sources that is disclosed to income tax department
2. ultimate remedy is either pay tax on amount deposited or prove the sources for the deposits

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Surjeet Negi (947 Points)
Replied 10 November 2019

Dear Palash,

this is highly professional and confidential information you have asked.

would request you to concern your CA for the same. thse kind of question require tax planning and advise which would be done along with due care of revenue interest also.

regards

ajeet singh (1392 Points)
Replied 10 November 2019

First of all what is the source of income of the assessee and if u can corelate it that it was past saving or not taxable income for more suggestion please do personal msg /8003810213

PALASH (Nothing) (2000 Points)
Replied 11 November 2019

Let me clear to all of you that i have already mentioned in my question that " Please justify with reasons & by using proper provisions only otherwise not " , It means if you don't know the answer then you are no longer require to give any reply , ok .

Bcoz i am not coming here to hear any worthless remarks other than relevant answer from anyone , am i clear to all of you ?

But one sub-standard illeterate scoundrel over here make a statement that " this is highly professional and confidential information you have asked " ,

generally i don't want to make any reply on sub-standard's comment , here I advise him ,

If you don't know the answer then why are you wasting my time ? whyyyyyyyyyyyyy?

WHY ARE YOU WASTING MY TIME ?

GET OUT FROM HERE AND I DON'T WANT TO LISTEN ANY SINGLE WORD FROM YOU .

OUT .

PALASH (Nothing) (2000 Points)
Replied 11 November 2019

If someone wants give any reply with proper provision then its ok , otherwise i request to all of you then you are no longer require to give any reply on my question .

Thanks