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?
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?
18 December 2015
The amount will be added u/s 68 as assessee's income and will be assessed.
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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