Revision required in balance sheet.

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CA Anuj (Querist)
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24 March 2015 Dear experts,
I have filed a balance sheet with ROC wherein capital gain on sale of land is booked. Now after filing ITR and paying LTCG tax, the registry has been cancelled by the authority being illegal.
Please guide:
1. If the Balance Sheet need to be revised?
2. If yes, how? (as the BS has been filed to ROC also tax audit report has been filed)

Please suggest any thing id comes across your mind.
My problem is I want to get back the LTCG paid, its huge.

Thanks in advance.
Anuj Jain

GULRAJ AILANI

GULRAJ AILANI (Expert)
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24 March 2015 If ITR is filed u/s 139(1) i.e within due date then by Revising ITR You can claim refund of Income tax

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CA Anuj

CA Anuj (Querist)
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24 March 2015 Dear Gujral,

But if the case comes into scrutiny, how I will justify the same, as my balance sheet says I have earned capital gain??

Anuj Jain

GULRAJ AILANI

GULRAJ AILANI (Expert)
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24 March 2015 Dear Anuj, You can justify it by showing the registry cancelled and Balance sheet of two years. In next Balance sheet you can reverse Asset sold. For Income tax Purpose role of Balance sheet is only to compute Total Income.

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