Can a return be revised after receiving notice u/s 139(9)

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This query is : Resolved

Z (Querist)

26 September 2015
Assessee is doing intraday transactions and has incurred some losses. He had filed his return without getting the accounts audited and hence the notice u/s 139(9) has been issued. The loss to be carried forward is less and now assessee do not want to carry forward the loss because of extra expense on audit.

Can the return be revised in such a case?
Can now the assessee disclaim the loss and show income as per provisions of S.44AD?

Kindly provide detailed answer.

Amol S Joglekar

Amol S Joglekar (Expert)

26 September 2015 rectify the return as per the points given in 139(9).

Z (Querist)

26 September 2015 Sir this is the error code.
error code 14 with the following error descripttion & resolution. Error Descripttion: Tax Payer has entered negative amount in gross profit or net profit in Sl. No. 51b and 51d of Part B of Profit and Loss Account Possible Resolution: Assessee has claimed loss under the head profit and gains of business or profession, however he has to fill Balance sheet and Profit and Loss account. Incase assessee's falls under section 44AD assessee also has to get his books of account audited if his income is less than 8% of the gross receipts.

Sir, You did not commented as whether the return can be revised now or not. Can assessee disclaim the loss NOW?

Amol S Joglekar

Amol S Joglekar (Expert)

26 September 2015 yes, that is what the notice is saying.

rectify the return as aforesaid. And please, dont call it REVISED, it is rectification as per 139(9)

Z (Querist)

26 September 2015 Sir by revise I meant revising the return u/s 139(5).
Is it possible to not to get the accounts audited and disclaim the loss?

Amol S Joglekar

Amol S Joglekar (Expert)

26 September 2015 you are NOT trying to pay the attention to the beauty of section 139(9). By rectification, you are getting all those benefits which you could have thought of getting under 139(5)
So go for rectification.

Z (Querist)

26 September 2015 So can it be said that I can now show the income and ignore the loss which was claimed earlier?

Someone said that it can not be done. That is why I was resorting to S.139(5)

Kindly provide details as I am a bit confused.

Amol S Joglekar

Amol S Joglekar (Expert)

26 September 2015 Yes. You can change the figures to positive if you want.

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