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Rectification u/s 154
Sir, we have received notice u/s 154 for rectification which is also notice for demand. there was a mistake in filling in Tax audit report u/s 44 AB, there was an omission of exp. but in income tax return we have taken that expenses as deduction.
now we have received notice u/s 154 which raise a demand by disallowing that particular expenses.
How to resolve it..
Replies (1)
Apperently here audit report would be required to be rectified, which may not be easy as it can be revised only on limited grounds such as:
(i) revision of accounts of a company after its adoption in annual general meeting.
(ii) change of law e.g., retrospective amendment.
(iii) change in interpretation, e.g. CBDT’s circular, judgments, etc.
(iv) Any other reason like system/software error requiring change in report already uploaded.
So, Check with Auditor for any solution.
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