U/s 154

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This query is : Resolved

SHANTANU CHAKRABORTY (Querist)

20 October 2011 i have filed return for the assessment year 2010-2011 on the date 08/10/2010, but depreciation wrongly posting and intimation u/s 143(1) sent by the c p c on 10/10/2011and disallowed the depreciation and add depreciation amount to the net profit and huge amount payable .can i revised the same return for rectification u/s 154? on line rectification cannot work properly, what can i do ? can i revised the return and then rectification u/s 154?

Thanks & regards
shantanu

CA Chitta Ranjan Das

CA Chitta Ranjan Das (Expert)

22 October 2011 Dear Sir, when a return has been filed in time and susequently it is found that some errors exist in the return, a revised return can be filed u/s 139 (5) of Income Tax Act, 1961 within one year from the end of the relevant assessment year or before completion of Assessment whichever is earlier. Hence,one course of action available is to file the revised return.

The sec-154 is for the revision. But it is not oopen for the assessees. The A.O. can rectify their own orders under this section.

Threfore, u cannot revise u/s 154. And if the assessment already completed for you and you feel that depreciation disallowed by A.O. is incorrect, then, you may appeal for it.If assessment is not completed you may file a revised return within the due date as mentioned above.

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)

22 October 2011 sir you filed return on 8/10/2010...which is after due date treated as belated return u/s 139(4)...only return u/s 139(1) can be revised....so option of revised not available to you...you can't file revised return......but if it is prima facia mistake in return ..you can make application u/s 154 for rectification of error....otherwise you can file revision order appeal u/s 264 to CIT

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