Adjustment of f&o losses in itr

Your CA is exactly correct, as the NET loss can only be carried forwarded after adjustment with current year income/s.

Yes. He is justified.

Dear Sir 

If the loss has been adjusted with my current year income (Rs.260000/- ) which was not taxable then how i will claim loss incurred in F&O in coming years.please advise

It is just different way of looking at the situation............. You think your income is 2,60,000/- but as per accounting methods NET total income of the year (clubbing all the heads of incomes) is just 40,000/-, which is below exemption limit........ As the loss were adjusted in the same year with other income heads, question of its carry forward doesn't arise.

Unless you accept the reality........ nobody will be able to solve your issue........