Intimation u/s 143(1)
This query is : Resolved
10 May 2014
Dear Sir,
Assessee have recd the intimation u/s 143(1) for AY 2010-11 in which ITO have wrongly calculated Income from Capital Gains twice. And because of which IT has raised demand.
Exact Problem:
Assessee in his original return in sch Cap Gain have stated that STCG other than 111A is X amount
And on other hand in Sch Income chargeable at special rate assessee have shown same STCG u/s 111A as X amount.
The fact was that STCG was of 111A taxable @15%. Mistake was in Sch CG.
Because of above mistake IT calculated twice and raised demand.
Assessee has filed rectification u/s 154 by correcting above schedule of CG, but that rectification request is rejected.
Please tell us what is the recourse now, can asssessee file rectification request again or he has to go for appeal.
please reply.
Thanks in Advance.
Rohan
Assessee have recd the intimation u/s 143(1) for AY 2010-11 in which ITO have wrongly calculated Income from Capital Gains twice. And because of which IT has raised demand.
Exact Problem:
Assessee in his original return in sch Cap Gain have stated that STCG other than 111A is X amount
And on other hand in Sch Income chargeable at special rate assessee have shown same STCG u/s 111A as X amount.
The fact was that STCG was of 111A taxable @15%. Mistake was in Sch CG.
Because of above mistake IT calculated twice and raised demand.
Assessee has filed rectification u/s 154 by correcting above schedule of CG, but that rectification request is rejected.
Please tell us what is the recourse now, can asssessee file rectification request again or he has to go for appeal.
please reply.
Thanks in Advance.
Rohan
10 May 2014
Assess has to go for appeal wait for the other experts opinion.
10 May 2014
Rectification will not be entertained as there is no mistake apparent on the records meaning thereby, 143(1) is issued as per figures submitted by assessee.
The course of action is seek either revision before CIT or appeal before CIT (Appeals).
The course of action is seek either revision before CIT or appeal before CIT (Appeals).
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