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.
CAclubindia
