Section 132 and bonafide mode of books
This query is : Resolved
16 December 2013
1. IS BOOKS OF ACCOUNTS MAINTAINED IN MANNUAL SYSTEM DUE TO SOFTWARE CORRUPTION WERE ASSUMED IT WAS MAINTAINED AS MENTIONED IN 44AA.
2. IS BOOKS MAINTAINED IN MANNUAL BASIS ACCEPTABLE BEFORE IT DEPARTMENTAL AUTHORITIES.
3. IS THEIR ANY CASE LAW TO SUPPORT THE SITUATION:
A HAS MAINTAINED BOOKS OF ACCOUNTS FOR 5 DAYS DUE TO SOFTWARE CORUPTION. IN MINE TIME DEPT. EXECUTES 132 AND FOUND SOME CASH IN PREMISES OF A. DEPT. ASSUME THIS AMT AS UNDISCLOSED MONEY. A STATE THIS AMT. WERE ACCOUNT FOR IN MANNUAL SYSTEM. BUT DEPT. DENY THIS STATEMENT ON GROUND THAT A HAS NOT MAINTAIN BOOKS IN NORMAL COURSE OF BUSINESS.
PLEASE SUGGEST SUPPORTIVE CASE LAWS...
2. IS BOOKS MAINTAINED IN MANNUAL BASIS ACCEPTABLE BEFORE IT DEPARTMENTAL AUTHORITIES.
3. IS THEIR ANY CASE LAW TO SUPPORT THE SITUATION:
A HAS MAINTAINED BOOKS OF ACCOUNTS FOR 5 DAYS DUE TO SOFTWARE CORUPTION. IN MINE TIME DEPT. EXECUTES 132 AND FOUND SOME CASH IN PREMISES OF A. DEPT. ASSUME THIS AMT AS UNDISCLOSED MONEY. A STATE THIS AMT. WERE ACCOUNT FOR IN MANNUAL SYSTEM. BUT DEPT. DENY THIS STATEMENT ON GROUND THAT A HAS NOT MAINTAIN BOOKS IN NORMAL COURSE OF BUSINESS.
PLEASE SUGGEST SUPPORTIVE CASE LAWS...
16 December 2013
Dear Chaitanya,
it doesn't matter how you maintain books..manual or computer...doesnt matter. income tax act nowhere states the mode has to be electronic. As long as you are able to determine the sources and recording of the said cash, it cannot be treated as undisclosed money.
it doesn't matter how you maintain books..manual or computer...doesnt matter. income tax act nowhere states the mode has to be electronic. As long as you are able to determine the sources and recording of the said cash, it cannot be treated as undisclosed money.
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17 December 2013
thanks sir...:)
17 December 2013
You are welcome chaitanya
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