We have filed return for the AY 2017-18 u/s 44AD declaring turnover of ₹1.8cr. Assessment order was passed u/s 143(3). During the said AY the assessee deposited cash amounting to ₹2.35cr. AO made the addition of unexplained credit of ₹0.55cr (2.35-1.8). We filed appeal to CIT(A).
We want the following advices-
Actual turnover is 2.35cr which was incorrectly declared by us. What is the solution for the same? Should we file the audit report now u/s 44AB in the current date. We are ready to bear the penalty for not submitting the audit report but not for concealment of income.
Is there any other solution for the same.
Menu
44AD & 44AB
Replies (2)
Quick Summary
Admitting 2.35 cr seems to be afterthought... if you would've made the same contention then there's chance to win appeal else it's difficult...
Thanks
Recent Topics :
- Guidence requested for a Finance Professional with
- Expert Opinion Required – Form 140 Gross Amo
- WRONG TAX DEMAND - formal responses , rectificatio
- Foreign remittance
- Affordable Residential Flats in Gurgaon
- Manufacturing
- TAN REGISTRATION ON E-FILLING SITE
- Form 10-IEA – Continuing Old Regime
- Income tax act 2026
- Belated Return where Form 10IEA filed this year to
Related Topics :
CAclubindia
