Information u/s 133(6)

I have made a draft reply for cash deposit more than rs 10 lakh in a year. kindly suggest improvement in the reply.

sl.    no.	date of cash deposit		amount of deposit		explanation regarding source of deposit ( please see note 1 below)				
									
1	22.04.2009		100000		sale proceeds of agriculture income				
2	25.04.2009		300000		sale proceeds of agriculture income				
3	19.06.2009		287500		sale proceeds of agriculture income				
4	18.07.2009		172000		deposit of cash withdrawn from bank				
5	10.10.2009		80000		deposit of cash withdrawn from bank				
6	18.11.2009		100000		deposit of cash withdrawn from bank				
7	06.02.2010		125000		deposit of cash withdrawn from bank				
8	11.02.2010		125000		deposit of cash withdrawn from bank
Asked 20 days ago in Income Tax from noida, Uttar Pradesh
Dear Sir,

What kind of improvement you are looking at? If it's legitimate and you can prove this with documents then you are good to go.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
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If it is agricultural income, you need to show receipt from the krishi Mandi and in case of money deposited out of withdrawal from bank, you need to show the bank statement showing the withdrawal of the amount.

Please feel free to call/revert in case of any doubts

Thanks and Regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
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The entire information relates to the assessment year 2010-11. Why should there be notice now?

The total sale proceeds of agricultural income is Rs. 6,87,500/- (Total of items 1 to 3), which are deposited during the first quarter. The deposits of cash withdrawn from bank amounts to Rs 6,02,000/-, which is little less than the total sale proceeds deposited. 

The explanations should match with the genuine sources, reasonable and logical, even if adequate documents cannot be produced now. If it is entirely agricultural income, was it shown in the return? If not, why? Does the assessee own lands or cultivate produce on leased lands? Were there any agricultural loans taken? You may thus  need to bring corroborative evidences to support your sources of income.
B Vijaya Kumar
CA, Hyderabad
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It is always better to consult a professional near you so that he can prepare a receipts and payment statement along with the proofs available. If no proofs are available then he can suggest you to arrange so that if any more query is aksed then you can produce the same and justify
Shyam Sunder Modani
CA, Hyderabad
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Dear Sir,

They can ask
1.  About the source of income
2. Land is owned or Leased 
3. Receipts form ahartiya
4. Why this income was not shown in ITR

In your case it is preferable to consult a professional or you can take phone consultation.

For any further clarification, please feel free to contact us,
Shiv Kumar Agarwal
CA, Delhi
195 Answers
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Hello Sir,

You can prove the same from your cash book as well, that you had sufficient cash in hand to re-deposit. If no cash book is there, then it is advisable to get one prepared.

Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Rohit R Sharma
CA, Mumbai
706 Answers
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