For Ay 2011-12 we got notice under above mentioned section for Rs217519.
We disclosed loss of Rs 198638 and IT has computed income of Rs 619132.In that yr we had depreciation of Rs817770.
The dep. has disallowed depreciation. This is a partnership firm and a remuneration of 48000 was allowed along with interest of Rs 594785 in that year.
What should we do?
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notice u/s 143(1)(a) for demand
Replies (4)
What was the reason for disallowance........ Whether return filed after due date or turnover exceeded tax audit limits?
Check the reason first and if everything as per order, reply accordingly.
no turnover was under the limit and return filed under due date
we are raising rectification return but it is not been raised
we are raising rectification return but it is not been raised
intimation under section 143(1) can be issued within 1 year from the end of financial year in which return is furnished. Assuming you furnished your return within time limit prescribed under section 139, intimation can't be issued now. However this could be a case of income escaping assessment(147). For that also notice(148) could not be issued after expiry of 6 years from the end of relevant assessment year in case income alleged to have escaped assessment exceeds 100000. If it is a notice under section 148 and it is issued after 31/03/2018 then it is invalid.However I would recommend you to seek professional advice.
OK Thanks
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