Belated return filed for a.y. 2016-17

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This query is : Resolved

VP DAGA (Querist)

08 December 2017 ONE OF MY CLIENT HAS FILED BELATED RETURN OF A.Y 2016-17 WHICH STAND DEFECTIVE UNDER SECTION 139(9) , THE RESPONSE FOR TO REMOVE THE DEFECT WAS DONE BUT WAS NOT ACCEPTED. CLIENT IS PARTNERSHIP FIRM EARNING WAREHOUSE RENT , FACTORY RENT AND INTEREST ON FDR.
IT HAS CARRIED FORWARD UNABSORBED DEPRECIATION FOR THE YEAR. ASSESEE HAS REFUND OF rS. 64800.00 WHICH IS NOT RECEIVED DUE TO INVALIDATION OF RETURN.

PLEASE GUIDE FOR THE FURTHER PROCEEDING .

RAJA P M

RAJA P M (Expert)

08 December 2017 Dear., I think your query is not cleared. So, Not attend this query by Our Experts.... So, Please ask clearly your query... Which ITR you filed...? What are reasons under the defective...?

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VP DAGA

VP DAGA (Querist)

08 December 2017 Income from House Property (Chapter IV C) 453600

Rent Receivable 648000
Higher of above 648000
Annual Rental Value u/s 23 648000
Less:
Deduction u/s 24(a) 194400
194400
453600

Income from Business or Profession (Chapter IV D)(Maximum Salary Rs.150000) -453600

M/S MAHADEV WAREHOUSE
1115
Add:
Depreciation Debited in P&L A/c 782862
Interest Paid to Partners 224485
Remuneration Paid to Partners 68296
Total 1076758
Less:
FACTORY RENT 648000
Depreciation as per Chart u/s 32 589577
Allowable depreciation is Rs. 782861/- but restricted to Rs. 589577/- available profits.
Interest as per Deed u/s 40(b) 224485
1462062
-385304

Profit Before Remuneration -385304
Remuneration Allowable 68296
-453600

Gross Total Income 0

Total Income 0
Round off u/s 288 A 0

ASSESEE HAS WRONGLY CLAIMED THE BUSINESS UNDER SECTION 44AD:-
Income Declared u/s 44 AD M/S MAHADEV WAREHOUSE#
Gross Receipts/Turnover 937830.00
Book Profit 304437.00 32.46 %
Deemed Profit 75026.40 8.00 %
Net Profit Declared 304437.00 32.46 %

THIS IS THE REASON FOR WHICH DEFECTIVE RETURN IT IS THAT IS CLAIMING LOSS UNDER THE HEAD PGBP .