A private limited company based in chennai has received scrutiny notice for the ay 2012-13 - fy 2011-12. I think we have time till 31st March 2015 to complete the scrutiny proceedings.
Is there a possibility of extension of time after 31st March 2015 ? If scrutiny is not completed before 31st March what are the consequences ?
The time limit is upto 31.03.2015. There is no chance to extention as in the case of filing of the return.If you are not attending the hg within the date your case will be finalised on best of judgement assessment.So, appear and heard the case
Thank you sir
Your AO has to issue an assessment order under section 143(3) whether he completes scrutiny or not. You have to pay taxes on your assessed income unless you prefer an appeal or file 154 petition.The AO can pass assessment order with one or two or any number of hearings but within the deadline 31032015.
Regards,
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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Naveen Fintech Pvt Ltd
Kolkata
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