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.
25 December 2011
Dear Friend
you can file a revised return stating the correct details with supporting papers. the income tax officer would not be able to increase the cost or cause you any harm but you have to satisfy him for the cost of asset and justify the mistake.
you can file a revised return stating the correct details with supporting papers. the income tax officer would not be able to increase the cost or cause you any harm but you have to satisfy him for the cost of asset and justify the mistake.
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