Rectification u/s 154

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 November 2013 Sir,
I want to know whether an application u/s 154 could be made after a letter received from AO/ITO of Income Tax Department,regarding matter of wrong quote of PAN in my Return, as well as what is the time limit for rectification u/s 154.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2013 you can rectify the return upto four years from the year in which the order was passed. Also check whether penalty under 272B has been applied or not. In case it has been applied you may be required to make submissions for avoiding penalty too.

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2013 Dear Sir,
Can any Assesse apply for Rectification u/s 154, if he is under Scrutiny proceeding /Assessment.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 November 2013 154 is made against an order. So if the assessment order/ 143(1) intimation has been issued, then 154 can be filed. before the order is issued, you can file revised return.

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2013 Respected Sir,
With due respect I want to know that can any Assesse obtain relief of Rectification u/s 154 during the course of Hearing of scrutiny proceeding, or is there any other way to rectify the mistake which has been done earlier and while proceeding it has been came to knowledge about the mistake.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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13 November 2013 i already answered that. 154 application any only be made once assessment order or 143(1) intimation is made.

during the assessment/scrutiny, you can only revise the return.

Querist : Anonymous

Querist : Anonymous (Querist)

15 February 2014 Dear Kaushik Sir,
Thanks for all reply made by you to clear my doubts. Sir today I want to know about a case that is here below :
1. One Assessee carrying on a business of Mobile Shop and status of business was sole proprietor till A.Y.2011-2012, and due unawareness he made a inadvertent mistake that he made payments to his creditors in cash of Rs.18000/- twice in a day in different receipt voucher. But now he realized that the mistake of payment made earlier can be a question before law. So, now the incident had been done how to clarify that it was done by unawareness before ITO, is there any way to get out of this problem.
2. After that from A.Y.2012-2013, he converted his business into partnership firm by introducing his two new partners and he converted with the same closing stock as on 31-03-2011 and all liabilities, should closing stock will be the subject to capital gain or not, because ITO has call him for inquiry before Assessment and asked him several question about the expenses shown in his Audited Profit & Loss A/c. and making his view that his expenses have been shown in excess,but the Assessee contented that he can give the all evidence of his indirect expenses which has been shown in P/L Account.
3. If the ITO completes the proceedings of Assessment and ITO order a large amount of tax and interest to pay, is it necessary to pay the demand before filling appeal.
Sir please clear the doubts, I Shall be ever grateful to you.

Querist : Anonymous

Querist : Anonymous (Querist)

15 February 2014 Kaushik Sir Please reply.

Querist : Anonymous

Querist : Anonymous (Querist)

17 February 2014 Dear Kaushik Sir,
Sorry to disturb you, if you are free then please make a appropriate reply about the above mentioned query.
Thanking You.
Neeraj.

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