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TMI BlogCash recoveryX X X X Extracts X X X X X X X X Extracts X X X X ..... Cash recovery X X X X Extracts X X X X X X X X Extracts X X X X ..... he agree ? In my view, Indirectly department is also converting black money to white money by adjusting same as duty amount. Is there any implication for this adjustment? Reply By KASTURI SETHI: The Reply: Burden of proof is cast upon the proprietor/assessee. He must be able to prove that the amount recovered from his residential premises has been earned through legal means. The matter will als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o be referred to Income Tax department as per GST laws. Both the departments statutorily exchange such information between themselves. This is genuine advice and not artificial. YOUR VIEW IN THE QUERY "In my view, Indirectly department is also converting black money to white money by adjusting same as duty amount. Is there any implication for this adjustment?" I do not agree with yo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ur above view at all. Reply By Amit Agrawal: The Reply: I entirely agree with views of Shri Kasturi SethiJi! Paying taxes using cash recovered from house does not make any black money into white. If such money is 'black', it will remain 'black' and adverse repercussions therefor - as per law including income tax - will follow. W.r.t. part of your query (i.e. Department insisti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to deposits the same as duty of GST. Should he agree ?), if proprietor has not evaded any gst, he must not agree but explain his position to Dept. officers and if needed, defend himself using judicial means. Reply By Alkesh Jani: The Reply: Shri I agree with the views expressed by our both the experts. Just to add that 'Black Money' means the money which is not accounted for. Thank ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Reply By KASTURI SETHI: The Reply: Sh.Amit Agrawal Ji, "If such money is 'black', it will remain 'black' and adverse repercussions therefor - as per law including income tax - will follow." Your above view is absolutely right. Even after payment GST and Income Tax this recovered or seized amount will not convert black into white and consequences will follow but a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter completion of investigation.
At this stage we cannot say the recovered money is black because investigation is in progress. However, the word, 'black' has been used by the querist himself. X X X X Extracts X X X X X X X X Extracts X X X X
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