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Rectification u/s 154

CA Dhaval Patanvadia (Author, Tutor) (44 Points)

25 November 2011

I have received intimation u/s 143(1)for a.y.2010-11 in which demand of Rs.638 has been raised due current year loss of normal business(Rs. 91128) was not allowed as set off to extent of speculation profit(Rs.2168) in reply of which i have filed rectification request to CPC. after sometime i have received order u/s 154 for claiming the same demand as mentioned in above metter.

what further action can i take? should i take the help of local IT officer? is there any online process?

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4 Replies

CA SHRIPAL LUNIYA (CA, CS Final & M.Com) (744 Points)
Replied 25 November 2011

Dear friend...

U have to pay that demand bcoz of that other business loss can not be setoff against speculative profit according to income tax provision.

So u have to pay it and claim that other business loss (OBL) in next year if there will any business loss.

CA Hemang Shah (PRACTICE) (658 Points)
Replied 25 November 2011

Hey according to setoff provision normal business loss can setoff against speculative profit. Income tax vale ko book dikhao and tax to nahi hi lagega pakka.