26 October 2013
sir we have filled a return for ay 2009-10 in which capital gain is calculated @30% but a demand is raised against it while searching papers we have found that CG to be calculated @20% & the difference of 10% amount to Rs. 2Lacs. Can we claimed refund of it under any section as all the tax has been paid in cash??
26 October 2013
Tax refund needs to be claimed within one year of the last day of assessment year.
You may write a letter to jurisdictional chief commissioner of income tax with a copy sent to the grievance cell and also the concerned income tax officer. This letter may be accompanied by copies of previous letters written to the income tax assessing officer and a copy of the tax return filed.
26 October 2013
Invoking section 264 was the right course of action. Since revision petition can't be moved right now, being barred by time,please seek relief under section 119(2)(b).
CAclubindia
