19 October 2023
In AY 22-23 Co. has sold Fixed assets for Rs.22 lacs ( original cost - 92 lacs). As per income tax ( WDV concept) Rs.22 lacs should have been deducted from WDV ( sale price). However by mistake 92 lacs was deducted which resulted in lower depreciation. We have paid higher tax due to above mistake.
can we file rectification u/s. 154 or revision application and claim refund ?
CAclubindia
