Scrutiny case
This query is : Resolved
09 April 2008
If in scrutiny,the stock declared by the assessee in the balance sheet is more than stock declared by the assessee in the stock statement submitted to the bank against cc account,what is it`s implication and what will be in case vice-versa.
09 April 2008
no implication is there as one is a management's estimate & other one is final figure.
09 April 2008
But, if the stock declared to bank is more than stock in the balance sheet by huge amount,can the department make addition on this ground.
09 April 2008
.
10 April 2008
In case of varration in Stock with bank you will be satisifed to IT authority that the q tally of the opening stock as well as purchased less sales mnthwise are as per sheet and record and the same will be verfied with physical at any day by you in future. and they will be satisifed with that otherwise you will be appeal against the AO order.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Manual Rectification through AO
- IT Return filed defective u/s 139 (9)
- Fixed Deposit Claim Relinquishment by the Nominee
- Defective Return - Tds on advance
- Not a CA , can we prepare balance sheet
- TCS ON SOFTWARE SALES
- Income Type for interest from government bonds
- Adjustment at the beginning of the year
- Bifurcation of prepaid expenses
- Is income taxable or receivable or received in case of LLP and company
- TDS - Form 26QB - Installment - Final payment Query
- ITR 6 Schedule CFL and UD Issues
- Gstr 9 2023-24
- GSTR-9 HSN Summary and Credit Note without item
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
-
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
Mr.Balamurugan Ranganathan15 November 2024
CAclubindia
