Great mistake ever by a chartered accountant!!! pls help !!

6723 views 14 replies

PALASH

Nothing

2000 Points Joined June 2012

ABSOLUTELY IN A BIG TROUBLE !! PLSSSS HELP ...

With due respect i beg to inform u , that my client has a business of manufacturing of Jewelry products along with labor jobs in Pune ( Maharashtha ) , during the f.y 2011-2012, there was a long term capital gain raised for sale of Land, Flat & shop over there and thereafter he invested the whole sale proceeds to another new plot of land, shop and house in Kolkata ( WB ) ( as he shifted from pune to Kolkata ) .

Unfortunately, his Earlier C.A ( in Pune ) have done a great mistake as there was no mention of Long term capital gain with exemption u/s 54 along with new assets purchased in kolkata in the Balance Sheet of the Income Tax return f.y 2011-2012.
And,
Another mistake that Return filed through online for f.y 2011-2012 , but, ITR-V not yet send to CPC Bangalore .

Now, my question :-

1) As there was no mention of LTCG & Newly assets purchased ( Flat, LAND & HOUSE IN KOLKATA ) in the balance sheet OF F.Y 2011-2012,

What kind of adjustments require during the f.y 2012-2013 to resolve the assets related problems occurred in f.y 2011-2012 ???

Pls response as early as possible

Thanks..

Replies (14)

Balasaheb

proprietor

58 Points Joined November 2013

Before bleming to your brother get his help to solve the problem.

VIKASH KUMAR JAIN

Audit Executive

711 Points Joined August 2013

Is it really a mistake by ca.I can not believe such mistake done by CA.It may happened that he were unaware of the facts.Whether cash flow fund flow were prepared or not???they must showing their transaction.Its a big money.GIVE THE TOTAL DETAIL....It is interesting to find solution...

Mihir

Wealth Manager

5293 Points Joined December 2008

If ITR-V was not sent, then the IT return is also deemed not filed.

Why has the IT dept did not sent a notice for not filing returns? Since the registered office of the company got shifted from pune to kolkata, they may have also changed the jurisdiction in their PAN, which is why the IT dept is not able to detect non-filing of IT returns.

CA Suryakant Dubey

931 Points Joined December 2010

You can file revise return by claiming exemption of LTCG...Since for F.Y 2011-12 due date for filing revised return is 31.3.2014..Or you can check for rectification u/s 154..

NITIN SHARMA

DIRECTOR

904 Points Joined August 2010

File revised return insted of 154 as application u/s 154 May be reject on the ground that their is no mistake apparent on record before the ao. YOU SHOULD FILE REVISE RETURN.

NITIN SHARMA

DIRECTOR

904 Points Joined August 2010

Itr v of revised return shall be teat as final and valid verificatin of rturn. Send it immediately after filing the return.

Sandeep Joshi

ACCOUNTANT

66 Points Joined August 2013

Yes , file a revise return & show ltcg in return...

RS BANGAD

Deputy manager

23 Points Joined December 2010

yes u can file revised return

ak singh

38 Points Joined November 2008

File the revise return. Ca ak singh

amol santre

student

159 Points Joined October 2008

legally if itr v is not sent with in 120 days or amended date(by notification) the return is never treated as filed return under IT Act.so no question of revised return.file belated return.

Fenil Shah

Audit & Tax Executive

402 Points Joined December 2009

File revised return, if original return is filed within due date; or else can't file revise return also.

SATYABRATA PANIGRAHI

ARTICLE

53 Points Joined March 2010

Revise return can only be filed when you have filed a valid original return. Since ITR -V was not sent, the first return is not a Valid return. So file a belated return and declare all transactions.

PALASH

Nothing

2000 Points Joined June 2012

First of all , thanks to all the respected members over here for their valuable suggestions ,

I just want to KNOW from all of you, that, Suppose, that return for f.y 2011-2012 already filed ( i.e, Return upload as well as ITR-V sent to CPC Bangalore ) , then in that case,

What kind of adjustments do you think necessary for f.y 2012-2013 to reflect a true and fair view picture in the financial statement of the Client ??

Pls response as early possible ..

Thanks ..

krina

student

1263 Points Joined November 2010

Sir if u say that return for f.y 2011-2012 already filed ( i.e, Return upload as well as ITR-V sent to CPC Bangalore ) , then in that case, you need to file Revised retun for the F.Y 2011-12
with correct disclousres

i.e LTCG after taking benefit U/S 54 , i.e all the necessary disclusures that should have been filed should be filed , and fianly file current years return.

Regards,