GREAT MISTAKE EVER BY A CHARTERED ACCOUNTANT!!! PLS HELP !!

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ABSOLUTELY IN A BIG TROUBLE !! PLSSSS HELP ...

Hon'ble Respected Members over here in this group ,,

Need an Expert Opinion ...

With due respect i beg to inform u , that my client has a business of manufacturing of Jewelry products along with labor jobs in Pune ( Maharashtha ) , during the f.y 2011-2012, there was a long term capital gain raised for sale of Land, Flat & shop over there and thereafter he invested the whole sale proceeds to another new plot of land, shop and house in Kolkata ( WB ) ( as he shifted from pune to Kolkata ) .

Unfortunately, his Earlier C.A ( in Pune ) have done a great mistake as there was no mention of Long term capital gain with exemption u/s 54 along with new assets purchased in kolkata in the Balance Sheet of the Income Tax return f.y 2011-2012.
And,
Another mistake that Return filed through online for f.y 2011-2012 , but, ITR-V not yet send to CPC Bangalore .

Now, my question :-

1) As there was no mention of LTCG & Newly assets purchased ( Flat, LAND & HOUSE IN KOLKATA ) in the balance sheet OF F.Y 2011-2012,

What kind of adjustments require during the f.y 2012-2013 to resolve the assets related problems occurred in f.y 2011-2012 ???

Pls response as early as possible 

Thanks..

Replies (1)

If the return was digitally signed then there is no need to send ITR V to CPC. And if that is the case you can file revised return showing the mentioned transaction.

And if the return is not digitally signed. Kindly sent ITR V to CPC and wait for them to reply and if they reject it you can call them up and convience them. and once they accept it you can file revise return. And if they reject it file a belated return showing the transaction that has been omitted.


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