For Ay 2011-12 we got notice under above mentioned section for Rs217519.
We disclosed loss of Rs 198638 and IT has computed income of Rs 619132.In that yr we had depreciation of Rs817770.
The dep. has disallowed depreciation. This is a partnership firm and a remuneration of 48000 was allowed along with interest of Rs 594785 in that year.
What should we do?
What was the reason for disallowance........ Whether return filed after due date or turnover exceeded tax audit limits?
Check the reason first and if everything as per order, reply accordingly.
CAclubindia
