Notice u/s 142(1), Income Tax

[RASIKLAL RANGANI]

My assesse  have received notice u/s 142(1) for furnishing information/documents for return submitted u/s 44AD ,declaring income on basis of gross receipts Rs.3618290/- as per return of income for A.Y.2011-12

But as per bank deposits Rs.4764650/- there is discrepancy of Rs.1146360/- Assessing officer demands all purchases purchase & sales bills. otherwise officer treat this discrepancy as unexplained investment u.s 69

Posts / Replies

[Harish Chander Bhatia]

The only way is to establish that some of the receipts in bank account pertains to preceding previous year against credit sales, otherwise file the revised computation or ITR and pay admitted taxes suo-moto to avoid further complications.