What effect is to be given to the stock of goods detected during a survey conducted by an ITO ? Whether in the year of detection or to the year that stock relates by filing a revised return/s ?
Sanjay S. Shanbhag (08382) 221444, 227444, 9482186744
Asked on 1/11/11, 1:27 am
1 Answer from Attorneys
Rohini Kumar Tenneti
R.K.1080 LEGAL SERVICES
Generally an ITO would assess the value and the year of acquiring the stock,then he would issue a demand notice,if at all if the stock is under the evasion of any tax,clubbed with penalty.
Answered on 1/18/11, 12:16 am
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