scrutiny assessment (querry revised)

This query is : Resolved

paresh zatakia (Querist)
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29 September 2008 Dear Sir/colleagues,

In one of my scrutiny assessment,assessee as around 4 lacs creditors which are not confirming say bogus (Purchase bills were fake) and likewise 3 lacs debtors (bogus)
(here also sales bill was fake).

What will be addition
4 lacs or 7 lacs or 1 lacs.My contention with A.O.is that addition should be 1 lac (net of creditors & debtors)

Kindly have your view

Regards
c.a.paresh zatakia

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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29 September 2008 If the purchase bills are fake it will be straightaway added back to income. If sales bills are fake it will be very difficult to convince the authorities that they are fake.

Therefore the addition will be Rs. $ lakhs in my opinion.

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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29 September 2008 four lacs

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