Controversial issue
This query is : Resolved
13 June 2012
Mr. A is engaged in jobwork business. His case was selected for scrutiny. Mr. A has shown Rs. 5,32,732/- in the Balance Sheet as Sundry Creditors in the name of J.P. Enterprise. The Assessing Officer asked for Contra A/c as well as confirmation letter from M/s. J.P.Enterprise. Unfortunately, the closing balance of Mr. A in the books of accounts of M/s. J.P.Enterprise was Rs. 81,393. So there is a difference of Rs. 4,51,339/-.
The A.O. has considered the difference of Rs. 4,51,339/- as income and same was added by him in the total income of Mr. A u/s 41(1).
Whether the action taken by A.O. is justified or not?
The A.O. has considered the difference of Rs. 4,51,339/- as income and same was added by him in the total income of Mr. A u/s 41(1).
Whether the action taken by A.O. is justified or not?
13 June 2012
Yes, the action of AO is correct. Find the difference reasons and correct the mistakes if the mistake is reasonable and not by the assessee then the AO not to be add such amount if you prove that. Otherwise accept the AO's decision.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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