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Loss left to consider in total income

This query is : Resolved 
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(Querist)
08 August 2013 I have filed an individual return for the A.y. 2011-12 on 28.03.2011 (belated return) showing a total income at Rs. 90000/-. In this return I have missed to consider loss from F&o at Rs. 166200/- and share trading loss at Rs. 32410/-. Now I have recd. a notice u/s. 142.

My quries are
1. whether I can file the revised return ?
2. what an A.O. can do with this loss?
3. Any penalty can be levied?
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CA Kumar Mukesh

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CA Kumar Mukesh (Expert)
08 August 2013 As per Section 80 to claim losses under PGBP & Capital gain its necessary file ROI on or before the due date otherwise no no carry forward is allowed.
In your case since you have failed file ROI of Income on or before due date therefore the mentioned loss will be treated as Capital Loss no Tax treatment will allowed
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