Requisition of information u/s133(6) of it

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 October 2013 I HAVE RECEIVED LETTER FROM IT REQUIRING INFORMATION FOR TRANSACTIONS FOR FY 2010-11 from a party. I HAD MADE PURCHASE & SALES FROM THE SAME PARTY. I HAD ALSO RECEIVED & PAID THROUGH BANK TO SAME PARTY. THERE IS CREDIT BALANCE AT THE END OF YEar. SHALL I KEEP & SHOW ONLY ONE LEDGER OF THE PARTY .PURCHASE & SALE CAN BE SHOWN IN SINGLE LEDGER oF PArty. PLEASE EXPLAIN ME how to give information to IT JOINT COMMISSIONER required by them .I am in a dillema.PLEASE REPLY IMMEDIATELY

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 October 2013 Better, you prepare separate information for sales and purchases. and disclose the closing balance. This should be sufficient. some invoices can be attached on sample basis if asked for.

Prepare a cover letter and attach the above information as annexure.

the objective of 133(6) is to collect information from independent sources for cases under assessment and is similar to third party confirmations we collect during audit from debtors and creditors, bank confirmations etc.

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