Omission of Sales

[Reghunath kuppusamy]

Where that the A.O. can add the sales omission in his assessment order or he can add only the gross profit of the sales omission?

[Ganeshan Kalyani]

Sir, the department is not bothered whether you have earned profit or incurred loss in purchase or sale transaction. Sir, the amount of sale omitted to be included in the return shall be added in the revised turnover by the assessing authority. Thanks.

[DR.MARIAPPAN GOVINDARAJAN]

The Assessing Officer can add the sales omission if he finds the same in the course of assessment. Profit is not relevance for the taxation issues.

AI Summary

Omitted sales: assessing officer may add them to turnover during assessment; profit or loss is irrelevant. Omitted sales discovered during assessment must be added by the assessing officer to the assessee's turnover; the officer adjusts declared turnover by including the omitted sale amount and computes tax consequences on that revised turnover, irrespective of whether the transaction produced profit or loss.