Requirement of books of account u/s 142(1)(ii)

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This query is : Resolved

Aditya Deo (Querist)

20 June 2016 Notice u/s 142(1) for the A.Y. 2014-15 (P.Y. 2013-14).
During the discussion, ITR, Computation and other documents pertaining to the P.Y. 2012-13 were ordered.

As per Section 142(1)(ii), no books of accounts pertaining to a period more than 3 years prior to the previous year shall be required by the A.O.

Firstly the section is unclear about whether the clause of 3 years is with respect to the Notice or production of books of accounts.

Secondly Previous year here means the P.Y. in which notice is issued i.e. 2016-17 OR the P.Y. referred i.e. 2013-14 to in the Notice.

Can someone enlighten me?

Amol S Joglekar

Amol S Joglekar (Expert)

20 June 2016 previous year for which the notice is issued. in instant case, 2010-11, 2011-12 and 2012-13

Amol S Joglekar

Amol S Joglekar (Expert)

20 June 2016 a practical approach : the moment you start quarreling about the books of previous year 2012-13, the suspecion in the minds of assessing officer will get increased. Please never forget the limit of 6 years for notice u/s 148..... even if you win at 142...what about 148 which he may issue in due course.......so a practical approach is......produce the books as and when demanded

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Aditya Deo

Aditya Deo (Querist)

20 June 2016 That was the answer I was looking for.
Thank you so much for such a prompt and accurate reply.
I would do the same.

Amol S Joglekar

Amol S Joglekar (Expert)

20 June 2016 you are most welcome

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