02 October 2012
Dear Sir, Suppose an assessee is unable to produce his accounts except his audit report and bank statements before AO in scrutiny proceedings. Then what would be consequences. Whethe the AO will levyied penalty for non maintaining accounts or not.
02 October 2012
If you dont produce all the accounts and documents and do not cooperate in the scrutiny procedure then the AO shall make a best judgement assessment on you u/s 144. And then the AO on his own will determine the tax payble.
03 October 2012
Suppose assessee submits an affidavit that income shown in return is true in his knowledge. Then even after that affidavit, whether the AO will enhance income or not.
03 October 2012
I suggest you the better way.... Meet your auditor and show him all the accounts and records which you are afraid to produce before the AO. He will suggest you that what should be done and how.
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