Hello Friends,
I am a transporter and work as a liaison agent and we do not have our own fleet. We procure trucks from the market on daily basis and pay them in cash and put a collective bill weekly to the parties.
During the assessment, the ITO fixed a gross profit for my business. And raised a demand of 3 lakhs as the difference of tax.
We want to go for appeal as our business is not a trading firm and no gross profit can be fixed.
Business. Now the ITO has issued notices to deposit this amount and then go for appeal. Is it compulsory to deposit the amount for which we have an objection. If amount needs to be deposited is it the whole amount or part.
CAclubindia
