Survey u/s 133a

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 An assessee premises has been surveyed u/s 133A.Excess stock to the tune of Rs.4500000/- was found out. Now the assessee wants to disclose 4500000 in its subsequent return. Kindly suggest me about the accounting treatment & also whether penalty can be levied on Rs.4500000/- as the source cannot be given in return to be filed.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 November 2013 this is in regards to an earlier year or the current year?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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11 November 2013 if it is in respect of an earlier year, revise the return wherein you shall include the additional income declared under business income only.

After that your return shall be processed under 143. You may refer to following cases for avoiding penalty:

http://indiankanoon.org/doc/50129050/

http://www.indiankanoon.org/doc/79888779/

http://indiankanoon.org/doc/23754992/

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2013 in regard to the current year

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2013 this excess stock has been accumulated in the current year or the previous year?

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2013 current year

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2013 current year

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2013 offer the additional for surrender during the current year and pay taxes on the same at the earliest.

Surrender of the income should normally help you avoid penalties:

Refer to this PPT to understand what precautions should be taken while making the surrender: http://www.slideshare.net/guptarajin2002/surveysearch-and-seizure-provisions-ppt-by-sh-r-k-gupta-ccit-mumbai

Also refer to http://indiankanoon.org/doc/96849080/

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