My client is a commission agent.He has a bank account in which he has not given his PAN no.
As he is a commission agent he takes money from the customer ,keeps it in that bank account and afterwards give away this money to the supplier after keeping his commission.Now the ITO has got hold of this bank a/c for the A.Y06-07,and the transaction are also exceeding 40lacs.Now how to save my client as ITO wants to treat it as sales and charge him with interest and penalty for not doing tax audit.
pls help
CAclubindia
