Turnover and expense mistake in ITR

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This query is : Resolved

Quick Summary

An individual mistakenly included their sister concern's turnover and expenses in their own Income Tax Return (ITR), and the revision period has now passed. The mistake resulted in reporting a higher turnover and lower profit (a loss) than actual. The individual is seeking advice on how the assessing authority might react if accounts are summoned, especially since the sister concern's ITR was not filed. They are concerned about the potential consequences given the genuine nature of the error and the availability of evidence.

Guest

Guest (Querist)

03 April 2023 Filed a client's ITR with income and expense of his sister concern by mistake? Revision time has elapsed. Matter is genuine and could be proved with evidence. What would be the assessing authorities normal stand on this if accounts are summoned in case?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 April 2023 Turnover and profit difference higher or lower.

Guest

Guest (Querist)

03 April 2023 It is a case of loss. Expense more than receipts. Hence sister concerns(partnership )IT was not filed. But that turnover got into his propreitorial IT return by mistake.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

03 April 2023 Give actual turnover and turnover reported.
Profit reported and actual.
If it's not significant no need to worry.

Guest

Guest (Querist)

03 April 2023 Thank you sir. Forward successfully.

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