21 December 2013
Our Company was formed in the year 2010 and unused fund was deposited with Bank. Our Company has received interest on these FDRs. Our company pay advance tax on Interest income which earned through Fixed deposit with Bank during pre-operative period.
Based on the Income tax case CIT Vs Sasan Power Ltd; Delhi High court 2012, and as per suggestion Internal Auditors, we have stopped payment of Advance Tax on interest income earn through FDRs. Since, we have already paid Income Tax last three financial year, we have filed revised income tax return last two financial year . But first year (AY 2011-12) return we cannot revised plz tell how can claim our refund regarding this Assessment year.
21 December 2013
You cannot file revise return as its time barred u/s 139(5) and time limit have elapsed i.e last date was 31.3.2013 for Ay11-12 so u can file petition u/s 119(2)b and can follow procedure as given in below link.
CAclubindia
