Notice u/s. 142(1) recd for ay 11-12- undisclosed income ?
This query is : Resolved
CA Abhishek Singh
(Querist)
04 November 2013
Hello everyone,
one of my client(salaried) has been filing all the returns within the due date.
He received above notice dated 10/10/2013 and is required to produces vaiours documents sof self and relatives on 05/11/2013.
There is mistake in filing his ROI for ay 10-11 and 11-12. Return was filed as per FOrm 16 in which rental income was not mentioned.
However rental income is reflected in 26AS.
My question
1. I am worried that penalty for concealment may be levided ?
2. Also return cannot be revised now, is their any alternative like rectification ?
3. Should i attend tomorrow or ask for adjourment ?
4. Any other planning that can be resorted to in this situation to save client from penalty ?
waiting for the views of the experts at earliest.
one of my client(salaried) has been filing all the returns within the due date.
He received above notice dated 10/10/2013 and is required to produces vaiours documents sof self and relatives on 05/11/2013.
There is mistake in filing his ROI for ay 10-11 and 11-12. Return was filed as per FOrm 16 in which rental income was not mentioned.
However rental income is reflected in 26AS.
My question
1. I am worried that penalty for concealment may be levided ?
2. Also return cannot be revised now, is their any alternative like rectification ?
3. Should i attend tomorrow or ask for adjourment ?
4. Any other planning that can be resorted to in this situation to save client from penalty ?
waiting for the views of the experts at earliest.
04 November 2013
if there is omission to present the rent income in ITR. But TDS is already deducted on this income . i.e no loss of revenue to department , then No Penalty for concealment will be levied.
If there is revenue loss, then penalty for concealment may be levied by AO.
First meet with AO tomorrow. and clear the facts that there is omission , there is no intention to escape the income .
As per section 273A , there is power to AO to waive or reduce the penalty . You have to settle the matter with AO .
Other experts view are to be considered also.
If there is revenue loss, then penalty for concealment may be levied by AO.
First meet with AO tomorrow. and clear the facts that there is omission , there is no intention to escape the income .
As per section 273A , there is power to AO to waive or reduce the penalty . You have to settle the matter with AO .
Other experts view are to be considered also.
Message likes :
1 times
CA UMESH DULAL
(Expert)
04 November 2013
agree with expert
You can argue that the assesses has no intention to cheat exchequer as he has provided PAN to the payer and agree to
receive the amount after deduction of tds
and ask him to recalculate the tax. if there is difference in tax liability you have to pay it with interest
you can not revise the return once you have received the notice
only option left to you is to attend the date and argue your case
You can argue that the assesses has no intention to cheat exchequer as he has provided PAN to the payer and agree to
receive the amount after deduction of tds
and ask him to recalculate the tax. if there is difference in tax liability you have to pay it with interest
you can not revise the return once you have received the notice
only option left to you is to attend the date and argue your case
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- EPF ECR NEW FILE SEP 17TH 2026
- Import of Software Service.
- Utilisation Fy 25-26 TDS challans in Fy 26-27 TDS Return
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- TDS on Fixed Assets purchased
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- GST on Renting godown to KFCSC for Storage of Raagi
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Capitalgain tax purposes for valuation report compulsory
- Capital Gail Exemption Certificate
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
