Loss return

This query is : Resolved

Souvik Kumar Ghosh (Querist)
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03 November 2012 I filled a return within due date in which i had business profit. But i had left out an expenditure which was not eligible for deduction in the last Assessment year & we are entittled to treat the same as an expenditure in the current A.Y. After considering the same: a business loss is coming. Now can i revise the return? Please provide the relevant case law, if possible.

Regards

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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03 November 2012 IF the mistake was unintentional ,You can revise the return with in time limit i.e

-1 year from the end of Relevant A.Y (or)
- Completion of Assessment.

if Original return was filed in due date.

Souvik Kumar Ghosh

Souvik Kumar Ghosh (Querist)
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04 November 2012 Can you please provide the basis on which you are drawing the conclusion?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2012 You can revise the return for any reason. If you have not made a claim for deduction (intentional or unintentional) you can file a revised return.

There is NO requirement that the change sought to be made in the return should be a mistake.

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