NOTICE u/s 131 of IT act - REPLY to be made

[Harish Swami]

My client was named by a third party who was trapped by ATS authorities during transporting old currency notes of 500 and 1000.

Summon issued by Department on reference issue.

Obviously Client should deny the onus or shall name further of the persons actually owner of the currency.

Can you suggest me better remedy?

AI Summary

Prohibition on holding demonetised notes: statutory ban and penalty attach, regardless of naming the purported owner.
Notice under income-tax summons addresses possession of demonetised currency seized during transportation. The statutory scheme prohibits holding, transferring or receiving specified bank notes after the notified cutoff, allowed deposit within an initial window, and provided remittance to the central bank with explanation if deposit deadlines were missed; penalties attach for contravention and liability depends on facts developed in summons proceedings.