rectification of mistake u/s. 154


This query is : Resolved 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
05 May 2011 Assessee has filed income tax return for A.Y. 2009-10 eloctrinically. The CPC has sent intimation u/s. 143(1) adding loss on account of derivative transactions in share market on the ground that in shedule P & L the amount of loss was shown under other income with (-) negative signas there is no column for showing loss in derivative business seperately. Thus inflating income by double the loss amount. The software accepted negative figure. It was shown just to be trnsparent.The assessee had applied for rectification u/s. 154 to CPC Banglore through speed psot with all the necessary proofs as at that time there was no window open for rectification online. Recently, the assessee recd order from CPC stating that the application is rejected as the system has correctly calculated loss as income because only positive income was to be reported in the column other income. The assessee sought clarification on toll free number and explained the position. The learned officer requested that an online application u/s. 154 is to be filed after a week to pass the rectification order, if any.

Can the assessee file another application u/s. 154? If yes, will it be prejudicial to his interest if the application is rejected again? Or should he file and appeal u/s. 246A to CIT (A) simultaneously?

06 May 2011 U CAN FILE ANOTHER RECTIFICATION IF REJECTED THAN FILE APPEAL

CA MANOJ GUPTA
JODHPUR
09828510543


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
14 October 2026
Accountant

Rize.farm

Bengaluru

B.Com

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
06 October 2026
Assistant Manager - Audit and Compliance

Ravi K Jain & Co

Noida

Others

View Details
Company
16 October 2026
CA article trainee

Zerdi & Co. Chartered Accountants

Pune

CA Inter

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
08 October 2026
SALES TELECALLER

HIRE NOVA

Lucknow

Graduate (Any)

View Details
Company
ARTICLESHIP 07 October 2026
Article Trainee/ CMA Trainee

RMA And Associates LLP

New Delhi

CA Inter

View Details
Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details