01 June 2013
It seems in situations where a loss figure is posted and books of account are not kept, CPC has termed the Return as defective vide error code 14 and 23. Since it is not known how to rectify the defect pointed out by authorities, will it be in order to revise the return in ITR2 which may also have the impact of changing total income? Can revised return, modifying total income be filed in response to Notice u/s 139(9)? Please suggest.
10 June 2013
U need to rectify the defect as per the instruction from the AO. Thereafter you may revise it within I year of the end of the assessment year or assessment whichever is earlier.