How to appeal against income tax department

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2018 I had traded in Derivative Instruments(Nifty F&O) via recognized stock exchange( NSE) and STT was also paid. As it comes under business activities, in my ITR filing I offset the loss in F&O against my traditional business income along with an audited balance sheet.
After that IT dept. sent me a notice and my advocate prayed for a rectification u/s 154; now the IT dept has rejected that and have sent a demand notice.
In this circumstances, what should I do next?

CA Ankit R Momaya

CA Ankit R Momaya (Expert)

11 May 2018 If you assessing officer of rank below the rank of Commissioner, you can file an appeal before Commissioner (Appeals). However if your assessing Officer is of rank of Commissioner you can file an appeal before the Tribunal.

You can submit Form of Appeal in Form 35 Online along with relevant facts and grounds of appeal and relevant fees.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 May 2018 Thank you CA Ankit! Excellent Reply!!

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