I have been served notice u/s 143(1)(a) posing arithmetical error resulting in variance. I had claimed speculation loss in the ITR. If any body has thoroughly glanced in to Schedule BP of ITR 3 PART A1 is the profit before tax as per PL act including speculation loss/profit. Next line 2a tells to fill speculation profit or loss (in negative). Once you put figure here it directly autofills B40 and later B43. If your figure is negative (means loss) it should not get deducted from the income but to be taken to 6xi of Schedule CFL. Now glance at PART D therebelow which is again auto summation of (A38+B43+C49). Though this is summation it has correctly not taken speculation loss. But now I have received notice giving narration of Schedule BP and to correct arithmetical error. ITR 3 program is correct but due to this summation (A38+B43+C49) CPC guys have sent notice. This is happening with every assesee who has speculation loss. Hence I humbly request learned members to revert with insights in this regarding whether my take is correct or what?
CAclubindia
