Mistake in balance sheet

Querist : Anonymous (Querist) 22 October 2011 This query is : Resolved
There is a mistake in balance sheet submitted by an assessee alongwith the incometax return filed within due date.
i) Whether the assessing officer has authority to intimate the assessee by way of intimation u/s 143(1)?
ii)What are the options left with the assessee before and after one year from the end of the month in which the return is submitted ?
iii)What will be the action of assessing officer?

I request all experts to give their valuable opinion. Please also opined if the return is filed belatedly.

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A V Vishal (Expert) 22 October 2011
you mean intimation under 143(1)

Querist : Anonymous (Querist) 22 October 2011
Dear Mr. A V Vishal

A careful look may kindly be given to my queries. Probably there is no room for any doubt.

Raj Kumar Makkad (Expert) 22 October 2011
It shall be good for you to file a supplementary return with balance-sheet for that period as this seems nothing but a typographic error which can be corrected within next 2 years of such mistake. If you specify reasoning then no any penalty shall be imposed otherwise it is an offence to grant wrong information in ITR.

A V Vishal (Expert) 23 October 2011
Mr Anonymous you have evidently edited your query, I am careful in the first place and take every precaution to carefully understand the query before answering. You had quoted 142(1) in your first post.

A V Vishal (Expert) 23 October 2011
i) Whether the assessing officer has authority to intimate the assessee by way of intimation u/s 143(1)?

Ans. No

ii)What are the options left with the assessee before and after one year from the end of the month in which the return is submitted ?
The period of limitation for filing a revised return expires after 1 year of filing the original return or assessment whichever is earlier.

iii)What will be the action of assessing officer?

Ans. He may issue notice for scrutiny u/s.143(3)

prabhakar singh (Expert) 24 October 2011
You are advised to visit a local tax lawyer.

soumitra basu (Expert) 07 November 2011
No further comment

Querist : Anonymous (Querist) 07 November 2011
dear respectable experts
Except mr. vishal nobody has given any importance to my problem. please go through my queries and then share your expertise in the subject. only saying no or no further comment is not at all expectable from you sirs (experts). so please 2 give some time for me. my deepest thanks to all experts.

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