RECTIFICATION OR APPEAL

[vsaiyar]

THE RETURN FOR THE ASSESSMENT YEAR 2010-11 WAS FILED ON 30TH OCTOBER 2010.  THE ASSESSMENT FOR THE ASSESSMENT YEAR 2010-11 WAS COMPLETED UNDER SEC.143(1) ON 31ST JULY 2011.  THE ASSESSMENT FOR ASSESSMENT YEAR 2009-10 WAS COMPLETED ON 30TH NOVEMBER 2011 UNDER SEC.143(3)  TREATING CERTAIN LOSSES AS SPECULATION LOSS UNDER SEC.73 AND ALLOWED TO BE CARRIED FORWARD.  THERE IS PROFIT IN SHARE TRADING IN 2010-11 AND THE ASSESSEE SEEKS TO GET THE SET OFF IN 2010-11.  THE TIME LIMIT FOR REVISING THE RETURN FOR ASST. YEAR 2010-11 IS OVER NOR APPEAL COULD BE FILED SINCE THE TIME LIMIT IS OVER.  CAN THE ASSESSEE SEEK RECTIFICATION UNDER SEC.154 OR SHOULD HE SEEK REVISION SINCE THE ITO SUO MOTO NOT WILLING TO RECTIFY THE 143(1) ORDER.

[pawansingla]

It is the statuatory duty of A.O to rectfy u/s 154. File rectifcation u/s 154 and if A.O rejects , file appeal to CIT(A). If there is time limit you can also file petion for 264 to CIT. You will be successful 100%. Because case is based on facts.Pay tax for 2009-10 and also give an undertaking that you will not file appeal against the assessment order.