Section 133A
This query is : Resolved
monika nayyar
(Querist)
22 May 2010
A survey has been undertaken on my client's site and Income Tax Officials found shortage of stock. Say Actual physical stock was found to be Rs. 10 crores as against stock as shown in books of accounts at Rs. 6 cores. What would be implications ? How much will be added to income of my client ?
daya shankar singh
(Expert)
22 May 2010
The maximum amount added to your client income is the value of stock evaded, tax on the such value, if any interest and maximum penalty of 300% of amount evaded u/s 271(1)(c)
monika nayyar
(Querist)
24 May 2010
Thanx Daya Shankar
I wanna ask one more question.Under which section income is added ?
What will be the tax implication if Actual physical stock was found to be Rs. 6 crores as against stock as shown in books of accounts at Rs. 10 cores.
Please provide relevant reading material, if available.
I wanna ask one more question.Under which section income is added ?
What will be the tax implication if Actual physical stock was found to be Rs. 6 crores as against stock as shown in books of accounts at Rs. 10 cores.
Please provide relevant reading material, if available.
monika nayyar
(Querist)
24 May 2010
Thanx Daya Shankar
I wanna ask one more question.Under which section income is added ?
What will be the tax implication if Actual physical stock was found to be Rs. 6 crores as against stock as shown in books of accounts at Rs. 10 cores.
Please provide relevant reading material, if available.
I wanna ask one more question.Under which section income is added ?
What will be the tax implication if Actual physical stock was found to be Rs. 6 crores as against stock as shown in books of accounts at Rs. 10 cores.
Please provide relevant reading material, if available.
daya shankar singh
(Expert)
24 May 2010
In this case also Sec 147 assessment or reassessment of escaped income would arise and accodingly penalty u/s 271(1)(c) levied by the AO
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