Bank credit side turnover 1.02 crore and out of these deposits cheque amounts to Rs. 10 Lakhs gets dishonoured.
AO took entire credit entries into account and wants to initiate penalty for non maintenance of the books of accounts as the prescribed limit is Crossed that is 1 crore. .
The bounce cheque from party again deposited or cash received directly into the account by Party.
order is passed by AO
Can we apply for Rectification.
Please advice me. .
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Order passed by AO
Replies (3)
Kindly restate your query.
What is Bank Credit side turnover ?
What is Bank Credit side turnover ?
Dear Sunil,
File an appeal against AO order. Since if Books of Accounts were maintained entry would be as:-
On sale
Party A/c Dr
To Sales A/c
on receipt
Bank A/c Dr
To Party A/c
cheque bounce
Party A/c Dr
To Bank A/c
Cash Received from party
Cash A/c Dr
To Party
Hence, as per fact sale cannot be booked twice on the basis of bank entry. Obtain Confirmation from the party and file the same as evidence.
Regards
CA Aman Kesharwani
Thank you very much CA Aman
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