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PRAMOD KUMAR SHUKLA (NO)     06 October 2013

Cash deposited in saving accounts

Dear Experts

                    Cash of Rs 10 Lacs deposited in an Saving Bank account in FY 2012 by an customer of Bank. The Banks passes the information to IT Deptt . However the income tax notice not received yet. This was agriculture income of an Agriculturist holding the irrigated land of 7.5 acre. There is no documentory record of such Agriculture income. Now question is

1 What are the courses of action if customer received the IT Notice?

2 How customer save himselves?



Learning

 1 Replies

R RAJAGOPALAN (ADVOCATE)     09 October 2013

Your Queries: 1 What are the courses of action if customer received the IT Notice?

2 How customer save himselves?

Reply: Be ready with the best evidence in support of your claim that the deposit amount was from agricultural income.

If no documentary evidence available, be ready with-

                  1.Statements of Income & Expenditure of the Agl activities, for the past 3 years;

                  2.Explain how & where you had kept the money, till it was deposited into the SB Accounts;

                  3.Confirmation letters from the buyers of the agricultural produce, and copies of your accounts in their books of accounts, etc.


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