Survey Case

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This query is : Resolved

Nitesh Sethiya (Querist)

10 September 2009 In my one cases survey has been conducted on 18-03-2009.

Right now I have to finalise my annual accounts for the eyar 2008-09, I want to clerification abt following poit:-

My actul stock valuation rate is vary from the rate taken in survey case, Is this create any problem at the time of assessment?

Second after all the adjustment and takn all declare income as other income I found that only Rs. 1.00 Lacs profit and tax liability is reduced. but I have paid tax in survey aout 5.00 Lacs Rupees but if I shown this profit then it will refundable........is it possible.

My GP is reduced from the last year because I can not done any adjustment in material quantity due to survey takn in march? PY GP 15 %
CY GP 11%
Tell me how this will create problem in assessment?

Pls give me better suggestion......

Late CA Sampat Jain

Late CA Sampat Jain (Expert)

10 September 2009 IF YOU CAN PROVE THE CORRECT RATE , THERE IS NO PROBLEM .

I PRESUME THAT YOU HAVE MADE DISCLOSURE OF INCOME IN COURSE OF SURVEY. IF IT IS SO , TO AVOID DISPUTES AND LITIGATION , YOU CAN DISCLOSE AN ADDITIONAL INCOME IN COMPUTATION TO COVER UP DISCLOSURE, BOOK INCOME REMAINING SAME......HOWEVER THE LANGAUAGE OF DISCLOSURE IS RELEVANT IN THIS CASE.

IF NO DISCLOSURE OF INCOME WAS MADE , AND ONLY TAX WAS PAID ......YOU CAN CLAIM REFUND IN RETURN

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