17 August 2016
My client received notice of above section. It's partnership firm. They imported plant and machinery only that particular year, not any row material or finished good imported.They paid custom duty for plant & machinery in EPCG scheme. Notice Points are as under. 1. Import turnover mismatch. 2. Custom duty payment mismatch. 3. Payment to related person mismatch. So kindly guide in above points. Thank you.
17 August 2016
Income tax department mines data from various sources. This seems to be obtained from customs and excise. You can go personally and explain the situation. No problem. Item by item, you can explain how you have dealt with the same in your books of accounts.
06 September 2016
You have to go personally and explain how you have dealt the transaction in your books of accounts and also provide all supporting documents related to the transaction to ITO.
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