{"id":34961,"date":"2023-06-23T08:11:39","date_gmt":"2023-06-23T02:41:39","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=34961"},"modified":"2023-06-23T09:33:40","modified_gmt":"2023-06-23T04:03:40","slug":"addition-on-the-basis-of-noting-found-in-search-with-customer","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/addition-on-the-basis-of-noting-found-in-search-with-customer\/","title":{"rendered":"Addition on the basis of noting found in search with customer"},"content":{"rendered":"<p>Assessee is pvt limited co engaged in business of manufacturing of engaged goods. Had supplied to a customer X . Search u\/Sec. 132 carried out at X . During search digital in form of excel sheet was found n seized. On the basis of certain noting , CFO of X has agreed n given statement that X has pratice of recording 30% of material purchase from supplier in cash and not recorded in the books. On the basis of this admission CFo also stated that from assessee co X had effected transcation in cash of Rs. 3.5 Cr which is undisclosed.\u00a0 Accordingly during the course of assessment proceedings of Assessee co , on the basis of statement n material extracted from digital data n statement of CFo, Ao issued SCN asking assessee co why addition of 3.5 cr should not be made in the hands of assessee co u\/sec. 68 r.w.s. 115 BBE as unrecorded sales. Is action of AO justified<\/p>\n<p>Pl guide ,<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[477,156,202,393],"class_list":["post-34961","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-addition","qa_tag-search","qa_tag-search-assessment","qa_tag-statement"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/34961","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34961"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34961"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=34961"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=34961"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=34961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}