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Vijay kishnani (proprieror) (26 Points)

14 January 2014

My. Query is ..... scruitiny case out of creditors amounting Rs 1.2crore confirmtion of Rs 90 lac is avlble what are the consequence and what shall be done in this situation

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6 Replies

Sheshadri Nimmala (Company Secretary in Practice) (25 Points)
Replied 14 January 2014

Dear Vijay, Prepare the reconciliation for the same from Rs. 90L to Rs.1.20Cr. and produce it before the AO.

CA D.C. Bansal (Accounts Head) (283 Points)
Replied 14 January 2014

Balance of 30 Lacs will be considered as Income of the Assessee.

Akash Jain (CA Final Student) (261 Points)
Replied 14 January 2014

Straightaway taxed @ the maximum marginal rate i.e 30%

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 14 January 2014

30.9% or even 33.99% if surcharge is applicable. There may be penalty provisions applied by revenue if there is wilful fraud in addition to disallowance of bogus expenses.

Thanks,

CA D.C. Bansal (Accounts Head) (283 Points)
Replied 14 January 2014

Reconcile the accounts and try to recognize the reason of differences. If there are some geniune reasons of differeces (eg cheque in transit etc.), It may help you to prevent yourself from tax & penalties.