Business loss in first time

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 i have business and i have lost first time loss after ten years when i will file the ITR if Ao asked me how the loss you have in business while last ten tears i have profit then what should i say to AO.
give me your advice with section if any case law then gave me also link.

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)

27 February 2014 if you're having genuine loss then don't worry, AO, in 0.01% case will issue a notice to provide necessary detail like some creditor ledger, exp ledger etc. just comply this notice. AO cannot doubt genuineness of loss.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 ok but if i came in 0.01 % cases then what shouold i do

thanx to you

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)

27 February 2014 i have mentioned that if you're in 0.001% then submit details what you asked in notice. Remeber genuineness always prevails over AO

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