Non submission of confirmations

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 December 2015 Hi All,

The Assessee carries on Agriculture business. He is unable to submit confirmations of his Sales Party in his Income Tax Scrunity Assessments. What would be the Income Tax implications of the same?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 December 2015 The amount will be added u/s 68 as assessee's income and will be assessed.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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18 December 2015 In that case the assessee will have to prove genuineness, identity and credit worthiness. The assessee if unable to give confirmations, may provide PANs if any, names and addresses, copies of Balance sheet and ITRs if any and bank accounts to discharge his onus.

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