22 May 2010
A survey has been undertaken on my client's site and Income Tax Officials found shortage of stock. Say Actual physical stock was found to be Rs. 10 crores as against stock as shown in books of accounts at Rs. 6 cores. What would be implications ? How much will be added to income of my client ?
22 May 2010
The maximum amount added to your client income is the value of stock evaded, tax on the such value, if any interest and maximum penalty of 300% of amount evaded u/s 271(1)(c)
CAclubindia
