justifying opening balance of capital

Vivek Handa (Querist) 11 June 2009 This query is : Resolved
dear all
assessee filed allhis returns u/s 44ad prior to audit u/s 44ab for the year 2006-07.
opening capital and WIP shown at 12.5 and 8.5 lacs respecitavly
working since 1991 and filling returns regularly since 1999 on notional basis ie @8%
how to justifie opening balances of capital and work in progress

Follow Query

Report Abuse

A V Vishal (Expert) 11 June 2009
The department can seek only records upto six years. In the instant case the department has to accept what the capital balance was prior to six years since S 44AD is a presumptive section and no books of accounts are maintained in such cases.

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Member Strength 981796 and growing..

Stay updated with latest Posts!

Trouble Logging in? Try following the given steps -
1. Visit your inbox to find a confirmation mail from LAWyersClubIndia.
2. Click on the confirmation link and confirm your signup

New users who have not received email verification mail click here to verify