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regarding balance sheet

ajay rayal (4 Points)

07 August 2018

how to check a balancesheet whether it is genuine or not?

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Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 07 August 2018

Just by merely seeing Balance Sheet you can not say whether it is Genuine or not.

Rather you will have to go through more documents such as Audit Reports, BoD Reports, Annual Reports, FA Reports, etc. and then only you will be able to make judgement regarding genuinity of Balance Sheet

ajay rayal (4 Points)
Replied 07 August 2018

just for example one party has submitted ITR....saying income is from commission business...not maintained any current account not registered...whether ITR is invalid?

Sahil Jain (FAFD, DISA, CA) (Practicing Chartered Accountant ) (2476 Points)
Replied 07 August 2018

No, this doesn't make ITR Invalid.

There are may people around who are doing businesses or are commission agents and who do not have any kind of business proof or current account. They are operating from their savings account and are offering their income for taxation.