TMI BlogScope of limited scrutiny - AO went on to examine this aspect of low income, he then asked the assessee...Scope of limited scrutiny - AO went on to examine this aspect of low income, he then asked the assessee about the investment made during the year because the ld. Assessing Officer wanted to see why the assessee has earned low income when there are huge loans and advances. When AO was examining the loans and advances, he came to know that this is the first year of incorporation and the LLP has been converted from the company. AO asked the assessee about the source of investment. Then based on thi..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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