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Punith (Article assistant) 11 May 2016
consequences are u will be heavily taxed, interest charged heavily on tax , u wont get deduction for your expenses, AO will assess your income on estimate basis and hopefull you know how they estimate!!!.
AO will make sure that other indirect tax which are applicable for you are scrutinised. You will be in constant visits by department people,
Better you show all at one book and be safe.
Kumar Gaurav (Going...to be C.A soon...) 13 May 2016
Management is reponsible for maintaining proper books of accounts as per company act.
Management may includes Board of directors/MD/WTD/CFO or any other person incharged for such activities.