Requirement of books of account u/s 142(1)(ii)
This query is : Resolved
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?
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?
20 June 2016
previous year for which the notice is issued. in instant case, 2010-11, 2011-12 and 2012-13
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
Message likes :
1 times
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.
Thank you so much for such a prompt and accurate reply.
I would do the same.
20 June 2016
you are most welcome
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- TAN for Partnership
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- E way bill for tractors
- GST ON DAMAGED GOODS
- Taxation on LTCG for property sold after 24JUL2024
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- REGARDING GST LIABILITY/....
- STCG FOR GOLD ETFs
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
