Sir
In the assessment of a proprietary concern, The A.O determined turnover on the basis total bank deposit and the demand the tax. Though I submit my Cash Book and the A.O checked all bank transaction from bank statements and never found any shortfall in cash balance and the A.O did not reject also my books of accounts.
How shall i establish this before CIT(Appeal).
Thanks
Taxpayer Challenges Assessment: Use Bank Statements & Transaction Summaries to Appeal Turnover Decision by Assessing Officer. A taxpayer is seeking advice on how to challenge a tax assessment by an Assessing Officer (A.O) who determined the turnover of a proprietary concern based on total bank deposits. Despite submitting a Cash Book and having all bank transactions verified without discrepancies, the A.O did not reject the books of accounts but still demanded tax. A respondent suggests that the taxpayer should use bank statements as part of the documentation to establish turnover, summarize transactions with remarks on income sources, and present this information to the Commissioner of Income Tax (Appeals) to make a convincing case. (AI Summary)
TaxTMI 
TaxTMI 
