TaxTMI 
TaxTMI 
IN AGRICULTURE BANK LIMIT , BANK HAS SHOWN DEPOSIT AND WITHDRAWAL OF RS.20 LAKHS ON 11.06.2015. THIS IS DONE BY BANK TO REGULARIZE THE KCC LIMIT. NOW ASSESSING OFFICER IS ASKING TO JUSTIFY THIS DEPOSIT .PLS GUIDE.
cash deposit and withdrawl on same date in limit account
19 Dec 2018 
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Same-day cash deposit and withdrawal in a limit account may require bank explanation to satisfy tax assessor
Same-day cash deposit and withdrawal recorded to regularise a KCC limit prompts an assessing officer inquiry; the bank must explain the transactional purpose, accounting treatment and produce supporting records linking the entries to permissible credit-regularisation practices, with the bank bearing primary responsibility to justify and document the transaction for income tax compliance. (AI Summary)
Same-day cash deposit and withdrawal recorded to regularise a KCC limit prompts an assessing officer inquiry; the bank must explain the transactional purpose, accounting treatment and produce supporting records linking the entries to permissible credit-regularisation practices, with the bank bearing primary responsibility to justify and document the transaction for income tax compliance. (AI Summary)
