karthikeyan.v (Chartered Accountant) (523 Points)
21 May 2010Dear Friends
A Survey has been conducted U/S 133A, there has been an increase in share capital of 1.5 crores, in 2006-07, Assessement completed, the JC wants to see the books of accounts for that year, and also wants to know the source of funds for 1.5 Crores, the books are not available, has been misplaced
Now my question is....
1) What options has the assesee got
2) How much time can we get form the dept to produce books
3) What other provisions are applicabe to the case
regards
karthi
karthikeyan.v
(Chartered Accountant)
(523 Points)
Replied 21 May 2010
no one has any thing to say about survey
daya shankar singh
(CA ,CS)
(629 Points)
Replied 23 May 2010
1) U have no other option instead to comply with the JC,
2) JC shall have power u/s 131(1) for enforcing compliance with the requirement made and in case of non-compliance results in authorization of search and seizure on the assessee
3) The time for production of books of account is on the discretion of JC
4) The other provision attracted in case of non-compliance with the requirement of JC is of search and seizure u/s 132, penalty provision u/s 271(1)(c)
CAclubindia
