Dear Sir,
Kindly help me out to solve this case.
Assessee shows his income u/s 44 AF and paid more than 5% against his sale Approx.37 Lakh. for the AY 2009-10.
later on the case selected for scrutiny. AO raised questionires & assessee replied all of them.
Asseess made balance sheet & P & L a/c as estimate basis & did not show his Saving bank closing balance of amounting Rs. 10 Lakh in the balance sheet.
In the end AO asked to show his saving bank account & rasied query to expalin cash transaction in SB account, Assessee filed his reply that he have deposited about 15,79,000/- in his account during the year which was his cash sale & deposited into saving account.
AO passed a order and added 10 Lakh in his income.
1. What are the remedies avilable in appel against AO order when assess comes u/s 44AF.
2. Is it mandatory to expalin all bank trasaction debit & credit side even assessee comes u/AF.
3. As assess fails to mention his credit bank balance of saving account in balance sheet & filled the ITR form with balance sheet.
4. any related case law of Section 44 AF.
Looking forward for your cooperation & support.
Thanks & Regards,
Tanveer Elahi
7827470365
CAclubindia
