What kind of panalties or fine can be impose in case proper bills/doments are not available. I have a small grocery store. My daily buisness range from 4-8k avg. I was given a notice today to produce all my finacials and books by next week, I dont own any property. My problem is I dont have the original purchase bill older then 6 months available with me. I do have sales bill and the records of purchase in form of excel sheet for last two years which have the purchase bill nos and details. They have asked for 5 year records. What can be done now as I have dont have the purchase bills.
1 Answer from Attorneys
you have to mention which authority has issued notice under which act,for ex.if it is VAT then it differs from state to state,if it is that case then please mention which state authority has issued such notice,then only proper guidance could be given.
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