Carry forward of business loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 November 2012
Dear,All
An assessee filed his return within due date specified in sec 139(1)by showing profit in business, subsequently he found that he did not record a lump sum expenditure in their books, which resulting loss on his business. Now, he wants to revise his return u/s 139(5), in that case assessee can carry forward such business loss ? It is assumed that such mistake is bonafide.
Please let me know how would I solve above mentioned Problem.
Thanks
Amit Ghosh
An assessee filed his return within due date specified in sec 139(1)by showing profit in business, subsequently he found that he did not record a lump sum expenditure in their books, which resulting loss on his business. Now, he wants to revise his return u/s 139(5), in that case assessee can carry forward such business loss ? It is assumed that such mistake is bonafide.
Please let me know how would I solve above mentioned Problem.
Thanks
Amit Ghosh
07 November 2012
Yes assessee can carry forward the loss by filing revised return before 2 years from the end of Financial Year. but be ready for scrutiny.
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