02 March 2019
Order Passed by AO u/s 143(3) by making addition u/s 14A. Later on in Appeal filed to CIT-(A) resulted in deletion of the addition u/s 14A.
Now ,while calculating the effect of tax for getting appeal effect it is found that Profit on sale of Car(Depreciable Assests) was not computed as per section 50 and consequentially accounting profit on sale of car in books was not removed while calculating Income from PGBP and it was got taxed under the head PGBP. Whereas on such sale deemed capital gain u/s 50 was NIL.
It was remained un-noticed by AO as well as the Asseessee during the assessment prooceedings.
What are the remedy available in this case.
How to get the refund of excess tax paid due to this mistake.
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