Sec 68

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 December 2015 I am a salaried employee and don't maintain any books of accounts. I have disclosed my other sources income by filing return u/s 148 and paid all the taxes much before the issuing the notice u/s 148 and there was no chance of filing revised return. Whether I am liable to charge u/s 68 of I.T. Act i.e. undisclosed cash credit.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

05 December 2015 Section 68 can't be invoked where no books of accounts are maintained.
Inference- CIT Vs. Shiv Shakti Timbers(1997) 90 Taxman 349 (MP).

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now