utilization AIR information by AO

This query is : Resolved

madhu (Querist)
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13 March 2010 a assessee approached to me. he had filed his ITR-4 for AY 2008-09. got scrutiny notice. he has not shwon his saving account, where he had deposited Rs.10 lakhs. now AO want to add this depsoits in his profit of Rs.216000/-. what will be the way out in this kind of situation. please replay.

M Prabhakar Menon

M Prabhakar Menon (Expert)
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13 March 2010

M Prabhakar Menon

M Prabhakar Menon (Expert)
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13 March 2010 Why was this excluded? The AO is using his powers u/s 68.In the present scenario where there is a extensive use of PAN in any transaction exceeding Rs50,000/- u have very little scope for manouvring or juggling If this was known earlier u could have filed a revised return This is a difficult situation After getting the assessment order file an appeal before CIT(Appeal) under whose jurisdiction it falls and file an application for stay of recovery till disposal of the appeal this way u may gain some time

CA Sanjeev Kr Jain

CA Sanjeev Kr Jain (Expert)
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15 March 2010 if you are able to explain the source of deposit in saving account than no addition can be done, in ITR 4 only business bank accounts needs to be shown not personal saving bank accounts

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