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. .
CAclubindia
