Recently excise department has issued notices to all local units of cloth dying sector with above mentioned subject, calling for b/s, P&L, cenvat ledgers, return copies and many other things.
But no relevant sections are quoted under which this power is used. And as per the provisions recently amended, dept. cant raise any query for period older than 30 months.
so i just wanted a clarification whether i can use this provision to provide details only for last 30 months and not older than that?
Thanx for sparing time to read this and providing your valuable opinion.
Excise Department Requests Financial Records from Cloth Dyeing Units; Potential Tax Evasion Investigated Under Extended Five-Year Rule. A discussion on a forum addressed a notice issued by the excise department to local cloth dyeing units, requesting financial records to investigate potential tax evasion. The initial query questioned the legal basis for such a request, noting a provision limiting inquiries to the last 30 months. Responses highlighted that under certain conditions, such as fraud or misstatement, records could be requested for up to five years. Experts advised compliance with record requests while ensuring proper reconciliation of accounts to facilitate audits. The discussion emphasized the importance of understanding legal provisions and maintaining accurate financial records. (AI Summary)
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