Scrutiny assessment

Please contact your CA he will clarify about this.

pleas check with ur CA.  in general it is possible that income tax authorities may have asked for certain information under section 133, 148 or 154.  but in any case, don't provide any information unless u have the copy of the notice made available to u by ur CA.

I checked with the CA. I was told that it was just a phone call from ITO. Since I used the services of CA only for scrutiny assessment, I was asked to contact the ITO directly.  I have not received any notice from ITO.  I am not sure what I am supposed to go and tell the ITO.

Thanks,

Rani

Hi Rani,

You have two options.

1. go to the assessing officer directly.  Carry the assessment order for the relevant assessment year with you. Try and understand what he/ she is asking for.  If there are any specific questions asked, you may ask for adequate time to file replies (provided the assessing officer is within his/ her jurisdiction to ask you those questions)

2.  Engage your earlier CA or any new CA to do the above on your behalf. 

I don't know where you reside, but I shall glad to help you professionally in this matter.

I met with the IT officer. This was regarding an audit query. I have submitted the relevant documents. To all experts in the forum : how does an audit query get closed?  Is there a time limit for closing an audit query? Who is authorized to close the query - IT officer or audit team?

Thanks in advance.

Just wanted to add that the notice received was u/s 154/155.

under which sub-section of 155? 

with regards to power to close audit queries - I dont have much idea - but you refer to https://nadt.gov.in/%28S%28iynvx145fv4d5zayuekzt2ra%29%29/writereaddata/MenuContentImages/A%20Hand%20Book%20on%20Audit634729512737059215.pdf

Thanks Nikhil. It just says " there is an apparent mistake  from the record within the meaning of  section  154/155". This is regarding LTCG of mutual funds. I have bought debt mutual fund units (NAV Rs.10/-) and sold them after an year for about 10% gain  (NAV 11.xx) and availed indexation benefits. The audit team has taken the purchase price as 10% of the original cost (why and how , I don't know)  which had given me a 1000% appreciation in a span of slightly more than an year  and demands tax on the capital gain!   such an appreciation is not possible in any type of asset class. 

I have submitted the purchase documents and hope they would close  it.

Hopefully - well thats the way we have to talk about Income-tax office.  we can only hope for sanity to prevail.

in case you need any help in that matter, do let me know.