27 September 2017
Dear, an assessee has received a notice for limited scrutiny u/s. 143 (2) asking to disclose the sources of cash deposits made in banks for AY. 2015-16. the assessee is retailer who has filed ITR showing sales far below the cash deposits made in banks. there might be diffrence of Rs 20 lacs appx. now assessee has to either show the sources of these extra cash deposits or to disclosed it as unaccounted/undisclosed income. What should be the recommended solution to reply the notice & face the case? thanks in advance.
27 September 2017
It is better to make true and full disclosure of the undisclosed income of Rs.20 lacs(approx), else you may be held up with penalties. So come clean
CAclubindia
