13 October 2013
Can a AO during scrutiny case of asst year 13-14 may inquire about loans taken and genuiness of loan taken in asst year 11-12 which is brought forward.
13 October 2013
Yes, During the scrutiny assessment proceedings, the Assessing Officer can ask the assessee to show liability under the head "unsecured loans". The Assessing Officer can ask the assessee to furnish the details and confirmation letters from the creditors to prove the genuineness of the liability.
Citation: Suburban Industries Ltd vs Assessee on 28 September, 2012
13 October 2013
Yes, During the scrutiny assessment proceedings, the Assessing Officer can ask the assessee to show liability under the head "unsecured loans". The Assessing Officer can ask the assessee to furnish the details and confirmation letters from the creditors to prove the genuineness of the liability.
Citation: Suburban Industries Ltd vs Assessee on 28 September, 2012