A. Y. 2007-08 returns has been filed manually by mistake long term capital gain of shares which is exempted has been offered as Income but not paid tax on Captial gain (Ex : - In computation statement --- Income from Business Rs. 2 Lakh and Long Term Capital from shares Rs. 60000 and Total taxable Income taken Rs. 260000 and Tax is paid only on Rs. 200000/- because long term gain is exempted). I have not recd. any intimation or order from income tax department . But I have recd. notice demanding for that capital gain. How to rectify it because revised return filling time is over.
03 January 2010
Section 154(1) is applicable only when an Intimation has been given or an Order has been passed by the assessing officer. In such cases position may be clarified by giving a submission. If your claim is justified, IT authorities will definitely consider the same.
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