Revised Return

This query is : Open

imkdm (Querist)
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13 June 2009 In one case, the firm has credited sale of asset to its Profit & Loss A\c. Firm doesn't want return to be revised due to fear of unnecessary scrutiny as the refund payable shall be of substantial amount.

Does revise of return leads to Scrutiny?
Is there any way to rectify the error through current or subsequent returns?

Late CA Sampat Jain

Late CA Sampat Jain (Expert)
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13 June 2009 IF INCOME HAS BEEN CORRECTLY COMPUTED , WHATEVER BE THE ENTRY IS P AND L ACCOUT.....NO NEED TO REVISE.

imkdm

imkdm (Querist)
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18 June 2009 Thank you!

But I am afraid that income is computed without deducting capital receipt credited to P & L A\c from business income.

Hence, returned income is not correct.

Kindly advice.

Thanking you...

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