08 September 2015
We received a notice under section 143(2),f.y:13-14 our total sales were 90 lacks ,netprofit shown were 15 lacks i.e 16%. net profit includes profit from buidiness + commission income(6lacks ) + interest on bank deposit( 3.5).
Can any expert advice whether our case be put on scrutning by IT ,even profit shown BY US are more than 8% (ie 16 % ).
The date of filling 5/12/2014 & notice date 30-08-15. pl advice on my query whether our case will be considered under 44AD , showing profit more than 8%.
09 September 2015
This scrutiny is by CASS where they my have some details collected from many agencies,banks etc, based on that Your pan might be selected by system under CASS module, also For agency com. Sec 44ab not applicable hence non compliance of sec 44aa may invite the security. On first hearing date you can request your AO to furnish the reason for sec 143 2 notice ....
09 September 2015
This scrutiny is by CASS where they my have some details collected from many agencies,banks etc, based on that Your pan might be selected by system under CASS module, also For agency com. Sec 44ab not applicable hence non compliance of sec 44aa may invite the security. On first hearing date you can request your AO to furnish the reason for sec 143 2 notice ....
CAclubindia
