Answers On Topic: Rejection of books of account
Assessee is company has filed the Return of Income for every year. Since assessee is engaged in the business of executing contracts , due to TDS there is always refund to the company. Almost every year assessment is completed U/Sec 143(3) by making an addition on the ground of difference in receipts as per 26AS and receipts as per profit and loss account since assessee could not give reconciliation. Assessee submits that since it is company, books of accounts are audited under co act as well as income tax Act and diffrence in mainly due to offering of income on…
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Assessee is company engaged in the business of infrastructure development. The company is enjoying the credit facilities from the Bank against stock and debtors. on the basis of unaudited books of accounts the auditors of the company have provided the certificate about the Stock, Debtors and Sale as on 31st march . Said certificate is given by generating UDIN on 11th April . After audit it is found that the amount of stock which was given to the Bank on 11 th April was incorrect was much less than actual stock. The management and internal auditor has given the explanation…
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Addition due to diffrence in receipts as per 26AS and disclosed in Profit and loss account Stay of demand