Legal opinion

A client involved in sheep and goat trading for FY 2017-18 received ₹95 lakhs via NEFT for sales but failed to file their Income Tax Return (ITR). They have now received a compliance notice and made all purchases in cash. The advice suggests that without proper books of accounts, presumptive taxation might be an option, but consulting a professional is highly recommended to avoid severe consequences like unexplained credit assessments.