Rectification of demand

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An individual faces an incorrect income tax demand for AY 11-12 because their speculation loss was mistakenly treated as income by the CPC. The Assessing Officer (AO) claims they cannot rectify the error due to the 4-year time limit. The suggested alternative is to file an appeal with the CIT(A) along with a condonation of delay application, providing genuine reasons and evidence for the delay.

Ketan Mehta

Ketan Mehta (Querist)

14 December 2023 as per intimation of demand for ay 11-12 where assessee has filed speculation loss but CPC has considered it as Income and created demand, have sent error to AO. His contention was that since the said rectification is beyond 4 years he will not be able to carry out the rectification neither give rights to CPC to rectify the said order. The alternate he has given that to file Appeal to CIT with condonation of delay and ask them to pass the rectification order. Experts Need your advice for way forward to nullify the demand.

Ketan Mehta

Ketan Mehta (Querist)

08 January 2024 any expert pl advice on this?

Aashok Kumar Sharma

Aashok Kumar Sharma

(Expert)

17 January 2024 Application for condonation of delay in filing the appeal, giving the reasons for the delay, along with necessary evidences should be filed with Form No. 35 (i.e., form of appeal). The Commissioner of Income-tax (Appeals) can condone the delay in filing the appeal if genuine reason exists for delay.

https://incometaxindia.gov.in/tutorials/34-%20appeal%20to%20cit.pdf

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