i have filled return of income for a.y.-2016-17 on 28-10-2016 which has been duly processed by the CPC on 04.12.2016. on receiving intimation u/s 143(1) it was found LTCG exemption u/S 54ec is not claimed while filing original return and demand for the same was raised by CPC.
later on i have filed revised Return of Income u/s 139(5) of the Act on 19.01.2017 and CPC has not consider the revised return and transfer jurisdiction right to ITO.
now on 16-8-22 ITO has rejected my application u/s154 to allow exemption of ltcg u/s 54EC.
with reason “section 139(5) of Act states that If an Individual after filing of their tax return discovers any omission or wrong statements then he/she can furnish a revised return. This revised return can be filed before the end of the relevant A.Y. or before the completion of assessment which is earlier.
Since, the assesse has filed his revised Return of Income for the A.Y. 2016- 17 after assessment/ processing u/s 143(1) of the Act. Hence, the revised Return of Income could not be processed. The mistake is not apparent from record; hence your case does not come under the preview of section 154 of the Act.
so you are requested to kindly guide me what to do next in order to claim exemption and close demand and to reissue the refund amt adjusted towards this demand.
CAclubindia
