Omission of Sales, Income Tax

[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?

Posts / Replies

[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.

[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.