Wrong revised return FY 2008-2009, penalty issue

This query is : Resolved

Ajay (Querist)
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08 July 2010 I would appreciate any help on the following query -

I filed my tax return for FY 2008-2009 (AY 2009-2010) through a consultant on 31st July 2009.
Significant points of the return were -
1. Short selling and intra-day trading loss of Rs 10000 (speculative loss)
2. Short-term capital loss of Rs 30,000.
Considering point 1, ITR-4 was filed, and I wanted to carry forward the losses.

When I received the acknowledgment, I discovered that Short selling and intra-day trading loss (speculative loss) has been wrongly filed as non-speculative business loss.
I brought the discrepancy to the consultant and a revised return was filed on my behalf in Aug-2010 making the corrections and I got the acknowledgment.

Now when I started to file the return for FY 2009-2010 (AY 2010-2011), I referred to the revised acknowledgment for FY 2008-2009 and to my surprise I discovered that the revised return again had been filed with another wrong information (this time missed out "Deductions under Chapter-VI-A").

Please guide me on the following Qs -

1. Do I need to/ should I file revised return (third time)? Also since AY 2009-2010 has ended, does that account for the Penalty of Rs 5000? I have a return claim of Rs 20000 for FY 2008-2009, can i adjust the penalty (if applicable) out of that refund in revised return that i shall be filing now?
2. I had incurred losses (speculative trading and STC Loss) in the FY 2008-2009, can I carry forward those losses and offset the gains in FY 2009-2010 against those losses, in case of revised return?

Thanks in advance !

Akhil Agrawal

Akhil Agrawal (Expert)
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08 July 2010 Well First u must have filed ur Revised return in Aug 09 & not aug 10.

1. Yes u can file ur revised return for FY 08-09 til 31.03.2011. so file that. As was decided in the case of Dr. N shrivastava, revised return can be filed any no. of times. No penalty will be levied bcoz u filed ur original return on time. Also Penalty cannot be adjusted against the Refund claim if any in any cases.

2. Yes u can Carry Forward the Claim to FY 09-10 & set it off.