| Question And Answer | |
|---|---|
| Subject: | Whether issue of Notice u/s.148 on the basis of information received from the Bank is valid ? |
| Category: | Income-Tax |
| Querist: | CA Pawankumar Soni |
| Answered by: | Advocate Neelam Jadhav |
| Tags: | presumptive basis, Reassessment, reopening of assessment |
| Date: | May 15, 2021 |
Client have 44AD income for A.Y. 14-15.
Turnover declarared Rs. 35 Lakh in return.
REason to believe stated as ” Bank has given information that total Credit sum in Bank account is 56 Lakh and turnover declared is 35 lakh, difference remains to be unexplained “.
Question : 1. Whether above reason to believe is correct as given by AO.
As the same is just took from AIR and given to us. and also same details was already available 6 years back, why not 143(2) was issued at that moment of time…so it is change of opinion just.
kindly guide
Ans. : It seems the reason given by the Assessing Officer is correct, as the Assessee is filling Return of income under presumptive taxation i.e. u/s.44AD i.e. 8% of the total turnover. If the amount is credited in Bank which is more than the turnover the recording of reasons may be correct . If the asseessee is able to explain the credit in the bank is not of the turnover it may be loan etc , the Assessing Officer may drop the reassessment proceedings