Cash transaction
This query is : Resolved
Anant Bawkar
(Querist)
08 November 2012
Resp. sir,
If proprietor has a trading firm and filed his audit report, balance sheet and IT return. But unfortunately missed to account for transaction with a bank account in which 25% advances received against sale of land and cash withdrawal. But actual sale of land was not occur till date. There is no Sales or purchase or cash deposit related transaction. Then what will be the tax liability and what he has to do further. And if the proprietor has another firm having HUF status in which he is Karta. This HUF firm is not covered under tax audit and it's returned is not yet filed. Then Can we show the proprietor's missing bank account in HUF firm though it is earlier shown in proprietary firm?
Regards
Anant
If proprietor has a trading firm and filed his audit report, balance sheet and IT return. But unfortunately missed to account for transaction with a bank account in which 25% advances received against sale of land and cash withdrawal. But actual sale of land was not occur till date. There is no Sales or purchase or cash deposit related transaction. Then what will be the tax liability and what he has to do further. And if the proprietor has another firm having HUF status in which he is Karta. This HUF firm is not covered under tax audit and it's returned is not yet filed. Then Can we show the proprietor's missing bank account in HUF firm though it is earlier shown in proprietary firm?
Regards
Anant
Amol S Joglekar
(Expert)
08 November 2012
Revise the return. The balance sheet without advances. bank account transaction is NOT true and fair.
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