Notice u/s 142(1)

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Deepak Jangir (Querist)
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18 October 2018 My friend get a notice u/s 142(1) for A.Y. 2016-17 to provide Trading ,P&L, BS, Bank Statement and capital account....he is filled itr for the same year u/s 44AD for declaring sales of around Rs. 42 Lac but in bank statement cash is deposited around Rs. 84 Lac. Please rply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 October 2018 What is the source of cash deposited.

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Deepak Jangir

Deepak Jangir (Querist)
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18 October 2018 tq so much for reply.....sales of goods is the source of cash and then deposited in account and purchases made through bank

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 October 2018 You have declared a sales of 42 lacs but how cash of 84 lacs deposited. This will be the main question. Suppression of turnover. No need to provide p&l and balance sheet. Only bank statement has to be furnished.

Deepak Jangir

Deepak Jangir (Querist)
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18 October 2018 this is due to only one bank statement is considered at the time of return filling....in 3 bank statements total around 84 Lac deposit showing....how i further process...can i show total deposit as a sales or other option is available....thank you

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 October 2018 Yes show total deposit as sale and agree for 8% profit and penalty for suppression.

Deepak Jangir

Deepak Jangir (Querist)
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18 October 2018 Ok.. Thank you so much sir

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