Special business
This query is : Resolved
MANJUNATHA
(Querist)
29 November 2013
If the assessing officer asked to produce Balance sheet what we will do?
CA PARAS BAFNA
(Expert)
29 November 2013
There are 2 possibilities-
1. You will produce it, or
.
2 You will not produce it.
.
Special Business also ....has possibilities-
2 of them -
1. It's a 44AD Business
2. It's other than 44AD business.
.
When in connection with other than 44AD business balance sheet is required and you have to produce it for saving your return from being treated as a defective return.
.
In case of 44AD business you may plead that
no Balance sheet has been prepared in the absence of regular books of account.
.
However, the 4 details mentioned in the return are required to be substantiated. So A statement of Affairs can be prepared and shown by incorporating the 4 details.
.
1. You will produce it, or
.
2 You will not produce it.
.
Special Business also ....has possibilities-
2 of them -
1. It's a 44AD Business
2. It's other than 44AD business.
.
When in connection with other than 44AD business balance sheet is required and you have to produce it for saving your return from being treated as a defective return.
.
In case of 44AD business you may plead that
no Balance sheet has been prepared in the absence of regular books of account.
.
However, the 4 details mentioned in the return are required to be substantiated. So A statement of Affairs can be prepared and shown by incorporating the 4 details.
.
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