I have a peculiar situation.A company about 60 years was taken over in 2004-2005.Their middlemen claimed 50% ownership which was disputed. He has been able to prevent company from getting od etc. Somehow the new owners have come out of this and company law board has only given him starus od a shareholder.
The accounts were not made .I stepped in at his request. I finished the account and the company secretary did his part.
Now no income tax return has been filed by new owner. They come under tax audit with loss due to the problem.
How do I go about.Can we use old tax audit form. Will they accept the manual return. Some people feel they will not accept the return.
There is a letter asking the company why it has not filed.The director met the ITO and got sometime..
CA T V Ramaseshan
CAclubindia
