Chetan (Artcile) (42 Points)
23 August 2016Kindy guide us when books of accounts rejected by Assessing Offifcers of a partnership firm and taxable income is determined on the basis of estimation and increase taxable income.
Question : Remuneration allowable as per section 40(b), as shown in books or revised remuneration as per new arrived profit?
Kindly guide us on the same as early as possible
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 23 August 2016
when the books are rejected at all, the ITO will go by revenue side and fix the lowest remunaration possible to increase the tax liability.
better to go for appeal under guidence of a good CA of your area
CAclubindia
