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Loss return

Souvik Kumar Ghosh (CA Final) (1368 Points)

03 November 2012

I filled a return within due date in which i had business profit. But i had left out an expenditure which was not eligible for deduction in the last Assessment year & we are entittled to treat the same as an expenditure in the current A.Y. After considering the same: a business loss is coming. Now can i revise the return? Please provide the relevant case law, if possible.

Regards

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4 Replies

@VaibhavJ (Believe!! Live your dreams!) (33511 Points)
Replied 03 November 2012

If you have file return in due time you have good news, you can revised return.

Please refer link for the details:

/articles/filing-revised-return-under-income-tax-act-1961-10000.asp#.UJTw4WueRtM

Thanks//Vaibhav
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sivadas chettoor (CA) (2644 Points)
Replied 03 November 2012

The return if filed in time can be revised now.

Souvik Kumar Ghosh (CA Final) (1368 Points)
Replied 04 November 2012

Sir, on what basis are you drawing the conclusion?

Regards

sivadas chettoor (CA) (2644 Points)
Replied 04 November 2012

I presumed that you have omitted to claim an exp which related to the year for which you are advised to file a revised return. Please note that an expenditure can be caimed only in the year to which it pertains.If you are following merchantile system of accounting then the same ought to have been claimed in that year. But I understand that by mistake you claimed it in the later year. Is it? please state the facts clearly.