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Q. > Please Help: related to cash deposit in bank
Sir,if any person deposite cash in bank then, will sec 78 of I.T act 1961 applicable and what penalty u/s 270A will not imposed .
this query ask only for in current situation
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Dinesh Ramani
23-Nov-2016 , 10:25:33 amPlease note that correct section is not 78 but Section 68 of the I.T. Act. Section 68 cast resposibility on the assessee to offer explantions abount any sum credited in the Books of Account. If yo satisfy A.O. source of fund found credited in the book, no penalty but in the case of failure, provision of section 270A will be attracted.