Notice u/s 142(1)
This query is : Resolved
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
18 October 2018
What is the source of cash deposited.
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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
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.
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
18 October 2018
Yes show total deposit as sale and agree for 8% profit and penalty for suppression.
18 October 2018
Ok.. Thank you so much sir
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