Belated Income Tax Return ( u/s-139(4) ) Cannot Revise , Say if a Person submit IT return after due date 31/7 as profit Rs. 2 Lacs under PGBP (non-Speculative) head later he knows there is Loss of Rs. 1 Lacs in PGBP(non-Speculative). He cannot revised the IT Return for Claiming Loss u/s 139(3). But if at time of Return He shows Profit PGBP Rs. 2 Lacs & Later he knows Profit of Rs. 5 Lacs in PGBP . then what is procedure in Income Tax Act.
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