Disallowed loss wrongly adjusted against current years incom

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This query is : Resolved

Devang Shah (Querist)

29 June 2010 I T Return for the AY 08 - 09 has been filed after due date and loss for the same has been disallowed in Income Tax Computation.

I T return for the AY 09 - 10 has been also delayed but there is profit as per Income tax (after disallowance).

At the time of uploading belated return for AY 09-10, consultant has wrongly adjusted loss of AY 08-09 (which is disallowed) against income of AY09-10.

Since this is belated return and can not be revised, what is the course of action to be taken by the assessee for correctness?

Can their be rectification? if yes, than please suggest.

Is it possible to approach the department with the letter along with copy of last to last year's return(disallowable loss)along with last year's wrong uploaded return and correct working of computation for rectification?

Please revert at the earliest.

Aditya Maheshwari

Aditya Maheshwari (Expert)

29 June 2010 You should file for rectification of the same along with a letter mentioning the above facts as there is a chance if the above is not done the officer may levy penalty u/s 271(1)(c).

Hence the same should be filed for rectification.

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