Assessment related matter

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 December 2011 HI

RESPECTED MEMBERS

ONE OF CLIENT OF OUR OFFICE IS UNDER SCRUTINY ASSESSMENT AND IN SUCH OUR CLIENT DISCLOSED BY MISTAKE LESS COST OF ACQUISITION OF PROPERTY IN RETURN OF INCOME FOR CAPITAL GAIN,BUT IN ACTUAL COST OF ACQUISITION OF PROPERTY IS MORE THAN AS DISCLOSED IN RETURN OF INCOME.

SO CAN ASSESSING OFFICER ALLOW TO SHOW HIGHER COST OF ACQUISTION FOR HIS BENEFIT, AND I AM ARISING QUESTION BECAUSE IN IT INCOME TAX DEPARTMENT WILL LOSE BENEFIT OF TAX ALREADY PAID.

KINDLY HELP

THANKS IN ADVANCE.

Mahesh Paryani

Mahesh Paryani (Expert)
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25 December 2011 Dear Friend

you can file a revised return stating the correct details with supporting papers. the income tax officer would not be able to increase the cost or cause you any harm but you have to satisfy him for the cost of asset and justify the mistake.