Special Festive Offer: 10% OFF Across All CCI Pro Membership Plans. Subscribe Now!

Mistake in return

373 views

Save Share

JOSEPH DAVID

GM FINANCE

78 Points Posted on 18 February 2010

We have made e filing of our Income Tax return for the Asst Year 2007-08 i.e., Accounting year 2006-07--In the return for 115jb Schedule of Mat computation - Dividend income received from other company is shown under additions instead of deductions-Due to this tax liability is coming under MAT as per order passed u/s 143(1)-Order copy passed under section 143(1) is not received by the assessee-

Issues:

1)Is it necessary to file the revised return to show the dividend income under deductions instead of under additions-since time for filing revised return is over what is the remedy the assessee has

2)Since 143(1) order is not received by assessee-Inspector says give a letter for order copy? Can we give a letter for order copy

Thanks in advance

joseph david

Replies (1)

Amir

Learner

4898 Points Posted on 18 February 2010

Dear Joseph,

You are rite that return cannot be revised now since time limit has expired...

Further u have mentioned that Intimation u/s 143(1) has not been received so far......But the same must have been generated before the end of 1 year from the of the FY in whivh return is filedi:e 31.03.2009

In present case I would say obtain a copy of 143(1), then based on that move an application u/s 154 for rectification of mistakes apparent from the record...

Now if AO wants u to submit letter for obtaining 143(1) [Becos I think it is a case of lost mail] then where is the issue my friend, give him a simple letter that kindly issue intimation u/s 143(1).....