One of my client take unsecured loan Rs. 5.00 Lacs. from his Wife by account payee cheque. his wife was deposited cash in her account and issued a account payee cheque as U/L to her husband.she was also shown this amount to her income tax return. in the scrutiny case ITO disallowed this transaction and disallowed and added as income in my client account. i want to know that whether any circular of cbdt in this record or not. and whether the action taken by ITO is justified or not. |