Dear friends,
One assessee failed to claim investment allowance in the return for A.Y. 2016-17 though he was eligible for it. Now what he should do? I could think of following options:
(1) The time limit for revised return is over. However, he can take the remedy of filing revised return alongwith condonation of delay u/s 119 of the Income Tax Act.
(2) He can apply u/s 264 to CIT for revision of intimation u/s 143(1). However, i feel that there will be technical hurdles here as the assessee has failed to claim the investment allowance in the return of income.
What is the better alternative? Is there any other alternative available? The case of the assessee for A.y. 2016-17 has not been selected for scrutiny.
Please share your valuable views.