Assessment related matter
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2011
HI
RESPECTED MEMBERS
ONE OF CLIENT OF OUR OFFICE IS UNDER SCRUTINY ASSESSMENT AND IN SUCH OUR CLIENT DISCLOSED BY MISTAKE LESS COST OF ACQUISITION OF PROPERTY IN RETURN OF INCOME FOR CAPITAL GAIN,BUT IN ACTUAL COST OF ACQUISITION OF PROPERTY IS MORE THAN AS DISCLOSED IN RETURN OF INCOME.
SO CAN ASSESSING OFFICER ALLOW TO SHOW HIGHER COST OF ACQUISTION FOR HIS BENEFIT, AND I AM ARISING QUESTION BECAUSE IN IT INCOME TAX DEPARTMENT WILL LOSE BENEFIT OF TAX ALREADY PAID.
KINDLY HELP
THANKS IN ADVANCE.
RESPECTED MEMBERS
ONE OF CLIENT OF OUR OFFICE IS UNDER SCRUTINY ASSESSMENT AND IN SUCH OUR CLIENT DISCLOSED BY MISTAKE LESS COST OF ACQUISITION OF PROPERTY IN RETURN OF INCOME FOR CAPITAL GAIN,BUT IN ACTUAL COST OF ACQUISITION OF PROPERTY IS MORE THAN AS DISCLOSED IN RETURN OF INCOME.
SO CAN ASSESSING OFFICER ALLOW TO SHOW HIGHER COST OF ACQUISTION FOR HIS BENEFIT, AND I AM ARISING QUESTION BECAUSE IN IT INCOME TAX DEPARTMENT WILL LOSE BENEFIT OF TAX ALREADY PAID.
KINDLY HELP
THANKS IN ADVANCE.
CA PARAS BAFNA
(Expert)
24 December 2011
In case the ITO entertains your written plea in this regard, he will also seek information about the source of investment and valid reasons for stating the low cost of acquisition.
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