Income tax order u/s-14391) & subsequentlr notice u/s 221(1)
Arvind L. Deshmukh
(Querist) 13 March 2013
This query is : Resolved
Dear Sir,
I received Order U/S 143(1) for Income tax for assessment Year 2011-12. The tax demand is for dis allowance of Infrastructure bond of Rs.20000 as savings. I have replied to this order U/S 154& submitted receipt of Infra Bond. But without any comment/ reply to my this application, ITO issued Notice U/S 221(1) stating that IT is due and why penalty u/s 221(1) should not be levied.
Please state what procedure to follow for replying or remedy to this notice.
Thanking you in anticipation.
yours faithfully,
A. L. Deshmukh
C. P. CHUGH
(Expert) 14 March 2013
Dear Mr Deshmukh,
In case you have submitted application u/s 154 of the Act physically to the jurisdictional ITO, then reply to notice u/s 221(1) stating you have already moved rectification application and demand may kindly be kept in abeyance till disposal of application.
R.K Nanda
(Expert) 17 March 2013
no more to add.
R.V.RAO
(Expert) 15 March 2014
reply to assessing officer (against notice u/s 221(1)stating rectification under sec 154 was already submitted and attach the IT dept ack. for your reply u/s 154 .
