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CASH DEPOSIT

DURGAVADHYULA SUBBA RAO

One of my friends has borrowed loan of ₹ 8 Lakhs for construction

purpose. The amount was paid to him by a contractor in cash.

He deposited the amount in Bank and using for his needs as

and when necessary. Now a question has arisen whether

this amount is questionable by I.T. authorities at a later date

since cash is deposited in Bank ?

Cash deposit scrutiny: banked loan funds may trigger income-tax inquiry unless documented proof of loan and source is maintained. Query concerns whether a substantial cash deposit representing loan proceeds for construction may be questioned by income-tax authorities absent contemporaneous documentation proving the loan character and bona fide source, and highlights the need to retain loan agreements, receipts, or corroborative evidence to meet assessment enquiries. (AI Summary)
Income Tax
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