Undisclosed bank deposits - The withdrawal of the amount from ...

Income Tax

December 2, 2020

Undisclosed bank deposits - The withdrawal of the amount from the bank can be considered as a source for re-depositing if the assessee can fully satisfy the AO that the withdrawal made from the bank is not utilized for any other purposes being the purchases and other expenditures incurred by the assessee in the course of business as well as personal drawings. Therefore, to that extent all the facts and details are required to be properly verified. - AT

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Undisclosed bank deposits - The withdrawal of the amount from ...

Income Tax

December 2, 2020

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