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ITR in response of notice u/s 148
I filed Income tax return on presumption basis u/s 44AD for A.Y. 2011-12. I have declared turnover 15 lakh and net profit @ 12%. Now i received a notice u/s 148 for re assessment on basis of cash deposited in savings account Rs 25 Lakh. Now Income Tax Department asking me to file ITR in responce of sec 148. Can I file my said return for A.Y 2011-12 at 8% profit of 25 Lakh Turn over? While in return file u/s 139 I declare my turnover 15 Lakh and profit @ 12%.
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| Originally posted by : Ashish | ||
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I filed Income tax return on presumption basis u/s 44AD for A.Y. 2011-12. I have declared turnover 15 lakh and net profit @ 12%. Now i received a notice u/s 148 for re assessment on basis of cash deposited in savings account Rs 25 Lakh. Now Income Tax Department asking me to file ITR in responce of sec 148. Can I file my said return for A.Y 2011-12 at 8% profit of 25 Lakh Turn over? While in return file u/s 139 I declare my turnover 15 Lakh and profit @ 12%. |  |
You can show such amount but I guess there is very much possible of raising objection by the department because at first you yourself had declared the profit @ 12% but now you again showing 8% due to increase in turnover to maintain lower profit level, this will raise doubt on their mind surely.
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