brought forward losses

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preeti (Querist)

12 November 2009 I want to know that if a proprietorship firm has brought forward short term capital loss of A.Y 2001-02,2002-03,2005-06,etc. and the firm has claimed this losses in 3CD but not claimed in income tax return. Is there any way to claim this losses.

CA SANJAY MUKHERJEE

CA SANJAY MUKHERJEE (Expert)

12 November 2009 Hi Preeti,

Showing in Form 3CD is not claiming the loss and you have to show in the return for claiming carry forward of loss.However in those years we had to submit Audit Report alsongwith Return. So just thinking if those can be considered as mistake appearant from the records and would be eligible for rectification u/sec 154.

But revision is time burred now so I don't think there is any possibility to claim those. Lets the query be open for experts valuable opinion.

Rakesh Jain

Rakesh Jain (Expert)

12 November 2009 To claim brought forward shortterm capital loss you must claim you loss in return. if dont claim this than in subsequint period u won't get setoff for this.

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