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Short disclosure of purchase
One of our client has shown Purchases short by 1.91 lacs for FY- 12-13.
Return has also been filed in VAT.
Now that Sales Tax department has the VAT return under assessment how can we get over such a situation or we have pay penalty.
pls suggest some steps to reduce our liability.
Replies (2)
If your department was computerised at that time than you have to like this
you should file actual position in your annual return and accordingly shoe it in your trading account hike your closing stock.
else
if the purchase is local than no need to worry if it is interstate than again you have to do as above mention
You mean to say that in the annual return one can file the correct figure and consequently show in the books of accounts by hiking the closing stock.
In such a situation would the officer be content.
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