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Q. > Please Help: RE-ASSESSMENT UNDER INCOME TAX ACT
My client showed gross receipts in P&L A/c for R's case was s. 1.90 cr., but in form 16-A ,the receipts were for Rs. 2.06 cr. My client's case was selected for scrutiny for P.Y. 2005-06 and assessment was made by A.O ignoring Now my the diff. of receipts.
answered Feb 12, 2012 by Mrattunjay , New Delhi
ok specific re assessment may be possible, please share actual facts
answered Jun 12, 2013 by Vikash Kumar Jha , Cuttack
If assesing officer ignoring then you should not have to worry, wait till the time of next assessment order otherwise you are very lucky because it was an act of concealment of income.
answered Oct 01, 2013 by Vaneet Gupta , Delhi
thats good
Experts Panelist
Comments
CA. SANAT PYNE
18-May-2011 , 06:39:52 amYES , THIS IS NOTHING BUT CONCEALMENT OF INCOME. AND YOU HAVE TO PAY THE TAX ON BALANCE AMOUNT. IN PROFIT AND LOSS ACCOUNT YOU HAVE TO SHOW THE INCOME ON GROSS BASIS. WHEATHER THE INCOME SHOWN IN FORM 16A IS CORRECT OR THEY HAVE SHOWN THE INCOME WRONGLY. IF THEY HAVE SHOWN THE WRONG FIGURE AND YOU HAVE NOT CLIAMED EXTRA TDS , THEN YOU CAN PRODUCE A CONFIRMATION FROM THAT PARTY SUPPORTING WITH YOUR BILL COPY.