assessment u/s 143(3)

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BHARTI (Querist)

18 June 2009 Q1. Assessing Officer ask me to give the details of sundry creditors above 5 lcas alongwith complete addresses and confirmation for the last two year balance. My client has large no. of creditors list. Should i give the all details of creditors?
And i can`t understand why he create a particular limit for creditors .i.e. 5 lacs.
The question raise by the AO click any law?

taxindiaconnect

taxindiaconnect (Expert)

19 June 2009 During the assesement proceedings the Ao may ask such details. Assessment stands for the right judgment of the true and fairness of the taxable income of the assessee. So in this process such questions / details are asked for. IN in your case the list of creditors is too long, you provide the details of such creditors but for confirmation you may request to the AO for increasing the threshhold limit of 5Lac to say 25 lac or 50 Lac or you can even plea that the threshhold of 5 lac is too low in your case, the limit may be raised to a higher limit even for providing the details also.

Deepak Goel

Deepak Goel (Expert)

19 June 2009 I agree with Rajesh Dua

CA PARVEEN GAMBHIR

CA PARVEEN GAMBHIR (Expert)

19 June 2009 The AO may ask for such details looking to the facts of the case. U need to give only that information which is sought.

If u feel that the limit of 5 lacs is low considering the magnitude of creditors, u may always request AO to raise such limit giving reasoned request.

Mayank Dave

Mayank Dave (Expert)

19 June 2009 hi,
it depend upon turnover. u should personally ask that its not possible to furnish if he did not agree, you should give him list of creditor in writing and attach some of confirmation and state that we are awaiting. you should also attach copy of courier receipt where in you have asked creditor by written letter to provide you confirmation. However you must give name, adress of creditor above 5 lac in that letter.

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