Dear Sir,
Please provide your valuable feedback on the following issue :
For A.Y. 2008-09, a Pvt. Ltd. Co. has claimed Current year Business loss of Rs. 5,00,000/- to be carried forward. Said Original return was filed on 08.08.2008, showing clearly the current year loss to be carried forward.
On 13.12.2008, revised return of the said assessment year was filed, for claiming business loss at Rs. 9,50,000/- (instead of Rs. 5,00,000/- claimed earlier). However due to clerical mistake in filing the Revised return, the column of “Current Year Loss, if any”, on the face of the ITR-V Acknowledgement is showing NIL loss to be carried forward.
While filing Income Tax Return of the A.Y. 2009-10 also, the said loss was not Brought forwarded to set off against Current year income.
Now, is there any remedy to the situation?
1. Is there any provision to revise the return of A.Y. 2008-09?
2. Can an Application for Rectification u/s 154 be filed to rectify Deemed Intimation U/s 143(1) of the IT Act? Please note that, the assessee has not received any intimation u/s 143(1).
Please suggest a course of action.
CAclubindia
