Limited scrutiny

This query is : Open

Krishna Raja (Querist)
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30 August 2016 Respected Sir.
Good evening. I received LIMITED SCRUTINY letter from income tax department for following issues A.Y 2015-2016
1) Import turnover mismatch
2) Custom duty mismatch

I am proprietor of the company. During sep 2014 I have IMPORTED sheep crust leather from Nigeria for the value of usd- 200,000.70 ( INR-1, 20,00,00.84). I missed to show the purchase in balance sheet. THE VALUE OF THE IMPORTED GOODS NOT INCLUDED IN BALANCE SHEET.
My doubts are
1) How can I solve this issue?
2) If there is any chance for penalty? If yes how much I have to pay?
3) How can I prepare explanation letter.
Waiting for your valuable reply.

Thanks &Regards
Krishna raja

ACA Anurag

ACA Anurag (Expert)
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30 August 2016 Dear Krishna, If you have filed your return within due date then u can revise your return and upload the correct sale and purchase. once the return get accepted u can say that revised return has been filed. But generally in case of limited scrutiny return does not get revised and u have to response to AO. You should put the fact infront of AO and make an application accordingly. It's totally on AO judgement whether he will imposed penalty or not. in my opinion u should take our professional services for it as a CA can handle it in better way Hope your query is resolved Kindly like if my response has helped you

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Krishna Raja

Krishna Raja (Querist)
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31 August 2016 Thank you very much sir

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ACA Anurag

ACA Anurag (Expert)
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31 August 2016 Deae krishna, Always welcome