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Query on assessment
in one of the ammendment it is said that the AO cannot open cases which are more than 7 yrs old and hence if we have a building which was purchased 20 yrs back can b introduced in the books via capital a/c and u r not answerable regarding the source of income. what will v reply if the AO asks us for the reason of not showing the building in books of the presceding 6 yrs while it was still in r ownership. Y dint v diclose it till today?
Replies (1)
AO is not supposed to ask such type of question. But if he asks u can simply reply that it is ur personal asset and when to introduce ur personal assets in the business depands on the requirement of the business needs just like the funds, If there is shortage of fund in business i can contribute my own personal funds in the business. I think with this reply he will be satisfied.
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