Tax audit penalty
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 October 2011
sir
one of my client filed retrun for a. y. 2009-10 u/s 44AF showing turnover of rs 13.60 lacs and profit @ 10%..now under AIR same is selected for scrutiny for deposting Rs 34.00 lacs cash in saving bank a/c.
now my question is that is the assessee accepts Rs 34.00 as his turnover then whether the penalty for non tax audit would be applicable.
thanks in advance
one of my client filed retrun for a. y. 2009-10 u/s 44AF showing turnover of rs 13.60 lacs and profit @ 10%..now under AIR same is selected for scrutiny for deposting Rs 34.00 lacs cash in saving bank a/c.
now my question is that is the assessee accepts Rs 34.00 as his turnover then whether the penalty for non tax audit would be applicable.
thanks in advance
13 October 2011
Penalty u/s 271B ( for not auditing), penalty u/s 271(1)(c)( for concealment of income) and prosecution (for false verification of the return of income & concealment) can be initiated.
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