Undisclosed source of income
Querist :
Anonymous
(Querist) 20 September 2018
This query is : Resolved
Dear Members,
Assessee is an employee of Goverment of India Enterprise for last 37 years and still serving in the said sector, He is regularly filing his Return of Income by showing income under the head salary,
Annual Salary of Assessee Total Income (after deduction Under Chapter VI-A) as per Form 16 comes to the tune of Rs.7,98,270.
Assessee was in receipt of notice U/s.143(2) of the Income Tax Act, 1961 regarding cash deposit during demonetization period F.Y.2016-17 showing cash deposited during demonetization period Rs. 12,47,500.
You are requested to guide me that a Salaried Employee of Government of India can maintain cash on hand and can a Assessing Officer treat his cash on hand as Income From Undisclosed Source of Income
Guest
(Expert) 21 September 2018
How any expert at LCI can help you without knowing the source of income worth Rs. 12,47,500?
The assessee should satisfy the income tax authorities himself or should hire services of some tax practitioner to represent his case.
P. Venu
(Expert) 21 September 2018
It is question of fact which you alone can explain. There are no legal elements involved.
ashok kumar singh
(Expert) 21 September 2018
agree with expert opinion ........................................
