Negative balance in cash account
This query is : Resolved
Anil Malpani
(Querist)
25 June 2011
with regard to negative balance in cash book, i want to know all the possible actions under Income Tax Act, 1961 in terms of penalties which an assessing officer can initiate since the above case is selected for scrutiny.
expecting an experts reply at the earliest.
Thanks in anticipation.
expecting an experts reply at the earliest.
Thanks in anticipation.
CA. Krishna K Neeraj
(Expert)
26 June 2011
First of all, books will be rejected by the A.O. and profit may be determined by him on some reasonable basis.
Anil Malpani
(Querist)
30 June 2011
thank you for addressing that but can an AO do a best judgement assessment? also i would request you to elaborate on the possible penalties which can be levied?
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