Answers On Topic: Section 69A
1.As per RBI guidelines and internal circulars, various branches of a cooperative bank deposit cash received from customers into nationalised banks. Since the volume is large , supporting documents were not filed. Whether the same can be taxed under section 69A 2. Similarly, liabilities of a bank comprise mainly deposits by customers of various nature, savings bank, current accounts, term deposits etc. Again, due to large volume,supportings could not be filed but explanation was provided. Whether the difference between the opening balance and the closing balance of liabilities can be considered unexplained under section 69A on the assumption that all…
► Read Answer
The Assessee is an HUF having income from House Property. The Assessee has purchase a property from Omaxe Ltd on which a Search and Seizure was conducted. A notice was issued to Assessee on the basis of books of Omaxe Ltd which shows Cash Payment to Assessee which is multiplied by Income Tax Authorities by 100 as mentioned in the notice. Now the notice U/s 148 as well as assessment U/s 147 is done by Jurisdictional Assessing officer clearly showing his Ward in the Assessment order and not by NFAC although he has issued a letter that it will be…
► Read Answer
Cash deposits in another bank by a banking company