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NOTICE FOR DEFECTIVE RETURN U/S 139(9) for A.Y. 2023-24

This query is : Resolved

CA KHUSHBU PATEL (Querist)
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27 November 2023 Assessee has declared gross receipts of Rs. 29. 95 crores whereas in 26as gross receipts shown is Rs. 21.55 crores on which TDS has been deducted u/s 194Q of Rs. 2.15 lakhs.

in 26as cash withdrawal entries for Rs, 11.80 crores are shown under section 194N on which no tds has been deducted as the assessee is APMC agent.

Department has considered cash withdrawal as income and made itr defective
15 days time is already lapsed.
what remedy is available?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 November 2023 It's wrong to consider cash withdrawal as income.
File belated return again in view of 15 days time lapsed and respond to notice again if received.

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