RECTIFICATION UNDER SECTION 154

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This query is : Resolved

P.S.VISHWANATHAN

P.S.VISHWANATHAN (Querist)
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19 December 2008 DURING THE ASSESMENT PROCEEDINGS OF OUR DIRECTOR A REVISED COMPUTATION OF INCOME WAS FILED TO GIVE EFFECT TO CERTAIN HEADS OF INCOME MISSED OUT WHILE FILING THE ORIGINAL RETURN. THIS REVISED COMPUTATION MISSED OUT THE DEDUCTION UNDER SECTION 80C WHICH WAS REFLECTED IN THE ORIGINAL RETURN.
THE INCOME WAS ASSESSED BY THE OFFICER AS PER THE REVISED COMPUTATION WITHOUT GIVING EFFECT TO THE DEDUCTION UNDER SECTION 80 C.

CAN WE NOW APPLY FOR A RECTIFICATION UNDER SECTION 154?

CA Tilak Raj Sharma

CA Tilak Raj Sharma (Expert)
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19 December 2008 yes, you can apply for rectification of mistake u/s 154.

Mistakes which can be rectified u/s 154:

1. An error of law and facts

2. A clerical or arithmetical eorror

3. Error in determination of WDV

4. Overlooking the obligatory prov. of lagislature

5. Mistake arising as a result of subsequest amendments in law

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 December 2008 Since deduction was claimed in the original return and missed out in the revised return you can move a rectification application u/s 154.

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