Itr u/s 148

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

12 April 2018 I filed Income tax return on presumption basis u/s 44AD for A.Y. 2011-12. I have declared turnover 15 lakh and net profit @12%. Now i received a notice u/s 148 for re assessment on basis of cash deposited in savings account Rs 25 Lakh. Now Income Tax Department asking me to file ITR in responce of sec 148. Can I file my said return for A.Y 2011-12 at 8% profit of 25 Lakh Turn over? While in return file u/s 139 I declare my turnover 15 Lakh and profit @12%.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 April 2018 What are the sources of your bank deposit.

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2018 is in business of Vegetable trading

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 April 2018 Consult a tax consultant nearby for advice.
You have suppressed the turnover. Penal provisions applicable if you increase the turnover now.
You should have declared 25 lac turnover with 8% profit initially.