30 October 2013
Hi, One of my client deposited Rs. 1 crore in his saving bank account. And his case is selected under scrutiny, now the AO want his account to be audited to show the details of Rs 1 crore. My question is,that his business income/ turnover is less than the limit under sec 44AA and 44AD. So is it compulsory to do Audit. Provide details with relevant case laws.
30 October 2013
see when Rs 1 cr is deposited in the bank account then unless you are able to prove that the said amount doesnt constitute your turnover the AO will ask for the audit. I presume that the query is for earlier AS as the scrutiny for current year has barely started.
CAclubindia
