Business loss in first time

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 February 2014 I HAVE A SHOP WHOSE LOSS IS COMES INTO EXISTENCE FIRST TIME AFTER TEN YEARS. WHEN I WILL FILE HIS ITR-4 IF ITO HAS RAISE A QUESTION THAT HOW THE LOSS I SUFFERED BUT IN PAST YOU HAD TEN YEARS PROFIT THEN IN THIS SITUATION WHAT SHOULD I SAY?
PLEASE GIVE ME YOUR ADVICE WITH SECTION AND RELATED CASE STUDY AND WITH LINK.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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27 February 2014 well if the loss is genuine, then there is nothing to worry. You need to explain the business environment and your entity specific circumstances. Dont go for general arguments and referred case studies/case laws.

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