Friends Pls help in this issue...X filed his return concealing his property income....... The AO added the property income without allowing the standard deduction and completed the assessment u/s 143(3). Can an appeal be filed with the CIT (Appeals) claiming the standard deduction... Is there any relevant case law !!!!!!!!!!!!!!!111
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Notice of Demand u/s 156 was issued... The time limit of 30 days was not yet lapsed
Dear Balakrishnan,
AO cannot overrule the provisions while doing assessment, Standard deduction of 30% has to be allowed in case of concealed income also.
If AO want to penalize assessee then he can Impose penalty for concealment u/s 271(1)(c) upto 3 times the tax sought to be evaded, but cannot deprive assessee from claiming the deduction.
I think first move an application u/s 154, as a mistake apparent from the record & if AO still not allow ur claim then file a appeal to CIT(A)
Mr.Balakrishnan...
Agree with Mr.Amir...
AO cannot overrule the provisions while doing assessment, Standard deduction of 30% has to be allowed in case of concealed income also.
penalty for concealment u/s 271(1)(c) is 1 time upto 3 times the tax sought to be evaded...
please contact the A.O. with an application / a letter...
standard deduction can't be set aside
it will be allowed
Thanks everybody
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