Scrutiny Proceedings for A.Y : 2013:2014

[Sarfraz Khan]

Dear Sir,

I have received notice from income u/s 142(1) and they have asked for some details but due to our Auditing is going on we need some extension to submit the details to Income tax dept.

Can you please provide letter format for the same.

AI Summary

Taxpayer Receives Section 142(1) Notice: Importance of Timely Response to Avoid Penalties and Best Judgement Assessment An individual received a notice under section 142(1) of the Income Tax Act requesting details during an ongoing audit and sought an extension to submit the required information. Two responses were provided. The first advised writing a letter on the company's letterhead explaining the delay. The second response reiterated the lack of a standard format, suggesting attaching evidence for the delay and submitting partial records. It emphasized the importance of complying with the notice to avoid consequences such as Best Judgement Assessment, penalties, or prosecution, advising prioritization of the notice over auditing tasks.