We have submitted ITR on presumptive income basis, without P/L and B/S. No accounts were prepared. Now have received notice u/s 142(1) asking for P/L and B/S. My query is:
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- Is it valid to ask for financials via notice u/s 142(1), when the ITR was filed u/s 44AD
- Does it mean that now we have to prepare P/L and B/S and submit.