Rectification u/s 154 possible?

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This discussion explores the possibility of rectifying errors in short-term capital gains tax entries under Section 154. The user initially sought to correct figures for sales consideration and acquisition cost, which would reduce a reported capital loss. However, it was advised that Section 154 rectification is not suitable for such changes. The recommended alternative is to file an updated return, declaring some additional income and paying the corresponding tax.

Sudarshan Rawat

Sudarshan Rawat (Querist)
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13 April 2024 Sir, I havesome wrong entry in short term capital gain as below:
Sales consideration: 4,17,00,000, Cost of acquisition: 4,13,00,000, short term capital loss around 4 lakh
I want to correct it as below :
Sales 1,15,00,000 , Cost of acquisition: 1,12,00,000, short term capital loss around 3 lakhs.
Apart from it, I have only salary income around 5 lakh on which I paid tax at that time, so there will not be any effect on net tax just figures correction. So kindly tell is it possible through rectification plz