Wrong calculation of capital gain in return

This query is : Resolved

GAURAV (Querist)
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26 October 2013 sir we have filled a return for ay 2009-10 in which capital gain is calculated @30% but a demand is raised against it while searching papers we have found that CG to be calculated @20% & the difference of 10% amount to Rs. 2Lacs. Can we claimed refund of it under any section as all the tax has been paid in cash??

CA Pallav Singhania

CA Pallav Singhania (Expert)
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26 October 2013 Tax refund needs to be claimed within one year of the last day of assessment year.

You may write a letter to jurisdictional chief commissioner of income tax with a copy sent to the grievance cell and also the concerned income tax officer.
This letter may be accompanied by copies of previous letters written to the income tax assessing officer and a copy of the tax return filed.

GAURAV

GAURAV (Querist)
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26 October 2013 SO IT IS POSSIBLE IN CASE OF AY 2009-10

CA Pallav Singhania

CA Pallav Singhania (Expert)
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26 October 2013 U/S 119 of the IT act, it may be possible...

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 October 2013 Invoking section 264 was the right course of action. Since revision petition can't be moved right now, being barred by time,please seek relief under section 119(2)(b).

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