Hello All,
we have received notice u/s 143(1)(a).
opening Stock of finished goods= 38970 shown in trading account.
Closing stock of finished goods= 34510 shown in trading account.
PBIT= 650637.
As per notice, deptt. is calculating PBIT of Rs. 655097.
Variance between PBIT= 4460.
4460 is also the difference between op stock and closing stock as shown in trading account.
can someone please explain the reason behind notice.
Thank you.
Please check what is the amount of closing stock in Part A - BS or in case it is subjected to Tax Audit, check the entries in Clause 40 of 3CD. That may lead you to the possible difference. If everything is in sync, then this got to be a case study.. :)
CAclubindia
