Assessment of income tax u/s. 68 - reg.
Vasudevan
(Querist) 02 March 2017
This query is : Resolved
Respected Experts,
The issue is my friend problem. The firm is an automobile sales & services. Supply/service were received from two parties amounting to Rs.8,14,650/-. The payments were made to them through cheque. Those two parties were private persons and not registered under Sales/Service Tax authorities. The Assessing Officer has invoked section 68 of Income Tax Act and decided those credits as unexplained and levied tax and order was passed u/s 143(3) of IT Act, 1961. Appeal filed before the Commissioner of IT (Appeal)was also dismissed under section 250(6). The firm was also stand closed in 2013 itself. Is there any legal remedy as the firm stand closed in 2013 itself and the Assessment Year was 2010-11. Whether there is any provision for waiver of the Assessment as the firm is non exist. Whether filing petition before the Lok Adalat for waiver/reduction of tax is permissible/fruitful in the present situation. Please clarify. Thanks in advance to all the respectful Experts.
P. Venu
(Expert) 03 March 2017
The query could be posted with CAclub of India.
Vasudevan
(Querist) 03 March 2017
Thank you very much for the suggestion given by Expert Shri P. Venu pointing out to the correct forum.
