Notice u/s 142(1)

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Deepak Jangir (Querist)

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)

18 October 2018 What is the source of cash deposited.

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Deepak Jangir

Deepak Jangir (Querist)

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)

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)

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)

18 October 2018 Yes show total deposit as sale and agree for 8% profit and penalty for suppression.

Deepak Jangir

Deepak Jangir (Querist)

18 October 2018 Ok.. Thank you so much sir

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