Order u/s 143(3)

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This query is : Resolved

Naresh Vaid (Querist)

02 January 2019 While passing an order u/s 143(3), if AO commits mistake of not setting off LTCL wd LTCG both occurring in the yr under scrutiny, and totally ignores LTCL and taxes LTCG . Also miscalculates tax and interest to be paid in tax calculations . Can such order be rectified by AO ? Or asseesse has only option of filling the appeal against such order?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 January 2019 Yes it can be rectified under section 154. File rectification under section 154.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

03 January 2019 If the income tax computations made by AO are incorrect under Sec 143(3) and the proceedings are not closed by the AO, then you just need to respond in the following manner:

1.Collect all the details of IT computation which you would have computed while calculating it earlier.
2. Prepare a covering letter and indicate all the annexures attached with the reply letter.
3. If any of your income tax dues are pending with the income tax department, you can also mention it in the covering letter.
4.Submit the file to the Assessing officer. Remember to keep its copies before submitting.Take the acknowledgement copy from the Assessing officer for your own records.

If Proceedings are closed by AO then you have to apply for Appeal within 30 days.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 January 2019 154 rectification can be filed even proceedings are closed as these are mistakes apparent on the record.
4 years time limit is there.

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