Scrutiny case
This query is : Resolved
CA Praveen Chopra
(Querist)
09 April 2008
If in scrutiny,the stock declared by the assessee in the balance sheet is more than stock declared by the assessee in the stock statement submitted to the bank against cc account,what is it`s implication and what will be in case vice-versa.
09 April 2008
no implication is there as one is a management's estimate & other one is final figure.
CA Praveen Chopra
(Querist)
09 April 2008
But, if the stock declared to bank is more than stock in the balance sheet by huge amount,can the department make addition on this ground.
CA Praveen Chopra
(Querist)
09 April 2008
.
10 April 2008
In case of varration in Stock with bank you will be satisifed to IT authority that the q tally of the opening stock as well as purchased less sales mnthwise are as per sheet and record and the same will be verfied with physical at any day by you in future. and they will be satisifed with that otherwise you will be appeal against the AO order.
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