Can i file IT Return after receipt of notice u/s 143(2) after due date u/s 139(5)

Efiling 350 views 1 replies

I filed my company's return of AY 2016-17 on 29.11.2016 and revised on 26.03.2018. 

My case was first assessed for transfer pricing on 10.10.2019

Now I received notice u/s 143(2) in due time. The scrutiny is still in process 

After receipt of notice i noticed some mistake apparent from record. I want to file revised return against notice u/s 143(2). Can i file revised return. If yes how? If not, should my disclosure of mistake during assessment proceeding save me from hiding of facts in return?     

Replies (1)
You can not file revised return now

You can voluntarily agree with AO about mistake apparent from record and then pay additional tax and interest as per AO order.

For concealment / Hiding of facts seperate notice may be initiated by AO under 271(1)(c) and at that time opportunity of being heard is afforded to you.

The AO may impose penalty as per his discretion. The penalty is min 100% and max 200% of tax sought to be evaded.


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