Comment on Notice under Section 139(9)? - Possible reason

gaurav commented on 20 Sep 2016, 03:59 PM

I have turnover of 9 lakhs and net loss of 80k for 2014-15 and turnover of 34 lakhs and net loss of 4lakhs for 2015-16.
Both the years , i didn’t show it in ITR as it was a loss. My other business income is about 5 lakhs each for these 2 years.
I have got a notice for 2014-15 to explain the “large value transactions of 26 crore…..” i dont know where they got this figure from…. i have calculated turnover as explained above and told by my CA also to add the loss and profit.
Should i just send the ITO a reply through CA that this “large value transaction ” doesn’t pertain to me ….. giving the trading ledger attached for 2 years…. Also do i need to get it audited now as i think its late for that now … and also the notice doesn’t ask for this …And just furnish the trading details from next time within time…….

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