Whether loss return can be revised even if loss under the head cap gain via shares loss
Arun Agrawal (Chartered Accountant) (35 Points)
06 June 2010Whether loss return can be revised even if loss under the head cap gain via shares loss
Sunil Liladhar Kotak
(Manager (F & A))
(2025 Points)
Replied 07 June 2010
Dear Arun,
as per the clause mentioned below - I think only two conditions are there to file a revise return
1) Original return should be filed in time
2) due date for filing the revise return should not have lapsed.
Section 139
[(4) Any person who has not furnished a return within the time allowed26 to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time26 before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier :
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 07 June 2010
Dear Arun,
loss return can be revised if it is filed within the time specified
Jagdish Bhalia
(Practicing CA)
(453 Points)
Replied 07 June 2010
Loss return can be revised if the same filed with in the time limit prescribed in section 139(1).
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