Query - Wrong revised return FY 2008-2009 and penalty

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 !
Replies (1)

Dear Ajay,

1.You should file revised return again.

   The penalty of Rs. 5000 will not be levied on you.

2.You can carry forward the losses of F.Y.2008-09 for set off in the next financial year.

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