15 December 2010
hi i had scrutiny fora.y 2008-2009 which was duly taken care ,however the assessment officer had disallowed capital introduce of 428000 rs in assesee capital account , i had filed an appeal for the same ,the hearing is in coming week kindly help me as how i can challange in appeal and get the order in my clients favour ,moreover the assessment officer had attached the bank and rs 125000 out of 252000 payable was taken from my assess account ,kindly help me out as to how i can get the refund form the appeal , i have not shown the assesee personal saving capital account and the amount of 4280000 was introduce in his capital account throuh his saving account kindly help me out
16 December 2010
What was the source of capital introduced? on what grounds the addition was made by the assessing officer? more facts are needed to give view on the querry.
16 December 2010
It is not necessary to show Savings account in the Return of Income because details of the Prop. Business is specifically required in ITR-4. But at the assessment stage including the business income, you have also to explain about the personal assets and liabilities and income from different sources earned by the assessee.
You have introduced capital out of Savings account of the assessee. Write about the source(s) from where the amount in savings accounts had been deposited. If the assessee can explain the source and that source can be properly explained then only additions can be disallowed.
If you have not made personal balance sheet of the client till now, please prepare it. You will definitely get the answer.
CAclubindia
