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notice u/s 221

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CA. Bhabani , FCA, DISA, DIRM

CA. Bhabani , FCA, DISA, DIRM (Querist)

27 June 2011 One of my clients has received a notice u/s 221.In fact he had filed return for AY 2009-10 as retail trader showing 10% of turnover as income.But the CPC Bangalore has computed @ 20% of turnover and had sent intimation u/s 143 which is not correct.Now whether rectification application u/s 154 can be made?Please guide.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

27 June 2011 CPC Bangalore has shown more intimacy by computing profit @ 20% of turnover. I think this is a great mathematical error only.
In spite of multiplying the profit figure by 20 to find out the turnover, they have multiplied the profit by 20 percent.
Rectification application u/s 154 can be made on this ground as it seems a calculation mistake only.

Further, pl give the reply of the notice, may be for the sake of compliance, having a mention about the application for rectification with the relevant facts.

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