Income tax Scrutiny u/s 142(1)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 May 2010 Hi SIR,
For the year 2008-2009, we have received notice from depatment for selecting of scrutiny u/s 142(1) of income tax 1963. we are the trasport business. Total amount of turnover is 80 lakhs, it is a 44AB Case. Audit report filed and certified by C.A.. We are not maintained any books of accounts as per income tax rules. even we dnt have bank statment fully, All cheques are received from the company discounted in out side. What are the tds certificate received from the compnay showed as turnover. Tds deducted by all compnay is 1,38,602/- We paid tax 24,322/-and claimed refund of Rs 1,14,250/-

Now income tax officers asked all details of books of account/loans statements/confirmation of account/cash book/expenses vouchers --ete. we dnt have any records what to do pls advice us.

CA Gangadhar Mishra

CA Gangadhar Mishra (Expert)
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13 May 2010 based on the available bills, invoices, bank statements make the accounts and tally with the returns filed, it will take hardly a week or two, dont worry, take adjournment for the case and be prepared for that.

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2010 while shifting of business, All bills, expenditure vouchers/bank statement and all everything is lost. Even we dnt have any paper in that year what to do ? Without bills/voucher how can we tally figure with balance sheet. Bank balance showing in the balance sheet is not tallied with bank statment. we have only tds certificates. what to do

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Vinod Kumar Mathuria

Vinod Kumar Mathuria (Expert)
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14 May 2010 Section 271A cleary specifies that - failure to maintain books of account as required by section 44AA - maximum penalty is Rs.25000/-,
furhter penalty is not leviable if assessee proves that there was reasonable cause for failure.

Querist : Anonymous

Querist : Anonymous (Querist)

14 May 2010 Any adjusment in these case pls advise us