Notice under section 142(1)

This query is : Resolved

Nitesh kumar (Querist)
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09 October 2019 One of my friend has got notice under section 142(1) ..... Actually in reality there is a error in nature of business....he is a Commission agent.....but by error it has been shown as wholesale business..... Now due to huge cash transaction he has got notice..... Is there any process to correct it?

CA Dhruva Kalamanji

CA Dhruva Kalamanji (Expert)
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09 October 2019 Hi Nitesh Kumar

after receiving 142(1) it is not advisable to file revised return.Because it will be an additional info for assessing officer to build the case. Instead kindly make a reply letter accepting the error , better consult a professional than self preparing.

you can write to me at sthayin@gmail.