Regarding sec 154
This query is : Resolved
19 November 2011
ONE OF OUR CLIENT HAS NOT CLAIMED DEDUCTION U/S 80C & INTEREST ON HOUSING LOAN WHILE FILING ITR...........
HE RECEIVED INTIMATION U/S 143(1) DEMANDING ENHANCE TAX LIABILITY..........
CAN WE CLAIM SAID DEDUCTION BY FILING RECTIFICATION OF MISTAKE U/S 154?????????
PLZ REPLYYYYYY,,,,,,,,,,,THANX IN ADVANCE,,,,,,,,,,,,
HE RECEIVED INTIMATION U/S 143(1) DEMANDING ENHANCE TAX LIABILITY..........
CAN WE CLAIM SAID DEDUCTION BY FILING RECTIFICATION OF MISTAKE U/S 154?????????
PLZ REPLYYYYYY,,,,,,,,,,,THANX IN ADVANCE,,,,,,,,,,,,
19 November 2011
Make an application to A.O. with reference to the deemed demand notice issued u/s 143(1)
You cannot file a rectification of order u/s 154, as not claiming deduction u/ 80C and interest in housing loan cannot be said to be "mistake apparent from record"
So reply to the AO'e letter of demand and make an application explaining your case.
You cannot file a rectification of order u/s 154, as not claiming deduction u/ 80C and interest in housing loan cannot be said to be "mistake apparent from record"
So reply to the AO'e letter of demand and make an application explaining your case.
19 November 2011
UNDER WHICH SECTION WE SHOULD REPLY???????
20 November 2011
The only remedy is to revise the return u/s 139(5), and you can write a letter to AO with revise return.
You cannot rectify it u/s 154.
If return cannot be revised due to time limit, you have to face consequences of your mistake.
You cannot rectify it u/s 154.
If return cannot be revised due to time limit, you have to face consequences of your mistake.
20 November 2011
Write a simple application to A.O., in reply to the demand order issued to you.
Plead the mistake on your part.
Plead the mistake on your part.
26 November 2011
Judgment of the Supreme Court:
In case of Goetz India Ltd. v. CIT, (2006) 284 ITR 323(SC), the assessee did not make some claims in the computation of income and the return filed before the assessing officer on 30.11.1995 (revised return) for assessment year 1995-96. Assessee merely made a further claim vide a letter filed with the assessing officer claiming certain deductions, which were not claimed in the return of income. The assessing officer disallowed the claim for the reason that there was no provision in the Income-tax Act, 1961 to permit the assessee to make an amendment in the return without a revised return. The Tribunal as well as the High Court confirmed the order of the AO, the assessee preferred an appeal before the Supreme Court and the Supreme Court also dismissed the appeal holding that a claim not made in original return can not be claimed by way of letter before the assessing officer and the assessing authority has no power to entertain a claim for deduction otherwise than by a revised return.
Therefore, now it is settled that if assessee wants to make a claim, he must prefer the claim in the return or in a revised return. Mere filing of letter before the assessing officer will not be sufficient and on that ground alone the assessee may loose the relief
In case of Goetz India Ltd. v. CIT, (2006) 284 ITR 323(SC), the assessee did not make some claims in the computation of income and the return filed before the assessing officer on 30.11.1995 (revised return) for assessment year 1995-96. Assessee merely made a further claim vide a letter filed with the assessing officer claiming certain deductions, which were not claimed in the return of income. The assessing officer disallowed the claim for the reason that there was no provision in the Income-tax Act, 1961 to permit the assessee to make an amendment in the return without a revised return. The Tribunal as well as the High Court confirmed the order of the AO, the assessee preferred an appeal before the Supreme Court and the Supreme Court also dismissed the appeal holding that a claim not made in original return can not be claimed by way of letter before the assessing officer and the assessing authority has no power to entertain a claim for deduction otherwise than by a revised return.
Therefore, now it is settled that if assessee wants to make a claim, he must prefer the claim in the return or in a revised return. Mere filing of letter before the assessing officer will not be sufficient and on that ground alone the assessee may loose the relief
26 November 2011
thanx a lot sir,,,,,,,,,,,,,,,,,,,,,,
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