Asking for books of accounts

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2016 Hello Experts,
Plz confirm after the assessment
Weather IT may ask for books of accounts
Or not,

Regard
Arun soni

Amol S Joglekar

Amol S Joglekar (Expert)
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06 May 2016 Income Tax department can call for the information, before assessment, during assessment as well as after the assessment.

Querist : Anonymous

Querist : Anonymous (Querist)

06 May 2016 Sir till how many year the deptt. May ask
For books of accounts in case of
Proprietorship and partnership.... like as per
Sec 128 of company act. Deptt. Will not ask
For books of accounts after 8 year,

Rupesh Jain

Rupesh Jain (Expert)
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06 May 2016 rule & section apply of that act under which the notice issue. if you are asking the income tax act then you cannot give the ref of company act, custom act or excise act etc.
pls dont try to give ref to authority of another act.

Amol S Joglekar

Amol S Joglekar (Expert)
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09 May 2016 Under Income Tax Act, it depends upon the STAKE of revenue involved in the case. Normally you can say that 4 years is the time. It can get extended upto 8 years in REVENUE leakages. And for larger revenue losses, it can go to any extent. One can NOT take the plea that since so and so years have been elapsed, I will NOT produce the explanation/ books of accounts