Scrutiny assessent
This query is : Resolved
16 August 2010
sir,
we have declared income u/s 44AF of @ 5% on sales. the case is selected for scrutiny u/s 143. the a.o is asking for statement of affairs for last 3 years and also balance sheet. it is not possible to prepare the b/s or s.a. hence what is the remedy under the act. it is necessary to submit statement of affairs.
we have declared income u/s 44AF of @ 5% on sales. the case is selected for scrutiny u/s 143. the a.o is asking for statement of affairs for last 3 years and also balance sheet. it is not possible to prepare the b/s or s.a. hence what is the remedy under the act. it is necessary to submit statement of affairs.
16 August 2010
Provisions of section 44AA is not applicable for 44AF case meaning therby, since there is no books of accounts B/S cannot be insisted upon by AO. Like wise, the AO is not empowered by secrion 143 to seek for statement of Affairs whereas there is a specific provision in section 142(1)(iii) to ask for statement of affairs with the prior approval of the joint commissioner.
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