As per audit report,,, In my Client's audit report wrongly shown bank balance by CA, and ITR filled according Audit Report,
Now a notice given by Income tax Dept. under Scruitny nd asking abt bank balance ,,
Plz guide me about this problem
pawan (Tax consultant ) (131 Points)
26 November 2011As per audit report,,, In my Client's audit report wrongly shown bank balance by CA, and ITR filled according Audit Report,
Now a notice given by Income tax Dept. under Scruitny nd asking abt bank balance ,,
Plz guide me about this problem
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 26 November 2011
unless you provide the data of quantam of mistake, its tough to reply specific, it may be some cheque issued but not presented by party, or some cheque deposited but not cleared on 31-march
a reconcillation sheet will suffice the matter, provided the amount is within arms length
pawan
(Tax consultant )
(131 Points)
Replied 26 November 2011
our bank book and bank balance are same, then how we can say that we have issued cheque, nd some cheques not yet presented
Resham
(Carpe Diem !!!)
(6535 Points)
Replied 29 November 2011
As it is a mistake apparent from the records, the client can request the assessing officer to pass an order under section 154. for this the assessee has to firstly get a corrected report from the respected CA certfying the actual bank balance.
The asseessee also has the option of going for an appeal instead.
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