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Response to 143/2 notice

mahendran (none) (74 Points)

06 August 2016

For the assessment year 2015-16,for the physical return submitted,I got a notice from IT office trivandrum under 143/2 ,reason being security transaction.

I had not submitted the details of my share trading for the year,in my return because,there was net loss and since I dont want to carry over the loss. Now I am staying at Bangalore. As per the notice I have been called to explain.Now

1) can I make a reply by registered post to the AO,trivandrum,along with the profit/loss statement from the broker,with out presenting in person,as no tax is due from me on this account? or an email reply quoting,the 143/2 notice to AO would suffice

2) I could not claim some 80(C) deductions in the said assessment year 2015-16. can I make a revised return,claiming the 80C deuctions now.

kindly advise

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 06 August 2016

1. Simply follow as per the notice. You are supposed to provide all the details as asked. Simply replying with Reg. AD or Email won't suffice.

2. Yes you can revise it, and declare all the undeclared transections erlier.

3. Better take help of any local CA to follow up the matter.

mahendran (none) (74 Points)
Replied 07 August 2016

thanks for the advise sir

is it a must to declare a transaction of loss nature too,in the it returns,so long as we are not claiming any claim for future years.

in my case,the security transaction was for only for that AE and ended in loss too.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 07 August 2016

As you initially mentioned "I got a notice from IT office trivandrum under 143/2 ,reason being security transaction" How would you justify yourself "is it a must to declare a transaction of loss nature too,in the it returns,so long as we are not claiming any claim for future years."

This states the status of confused mind!!

Please note that: If your case is under LIMITED Scrutiny, you can fix the reply within the questioned area, but if AO finds any hotchpotch in it, he has right to convert it to Complete Scrutiny; so you have to be prepared for that. That's why I again reiterate that the case has to be handled by an experienced professional.

Otherwise also, when you have already incurred loss, so why to worry for its declaration?

mahendran (none) (74 Points)
Replied 08 August 2016

once agian thanks sir

I have nothing to hide.it is only a matter of convenience,as i am presently stationed at Bangalore,and there are no hidden income to be disclosed or found,i wanted to clarify that, a statement from kotak securities showing the loss incurred in the AE,with whom,i had transactions,and submit the same before the AO,Trivandrum,with out me going there or engaging a professional would suffice or not?

kindly dont treat it as ignoring your valuable guidance

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 08 August 2016

Go by exect wordings of the notice. If that is the only clarification asked, then the required statement as proof of no additional income will be sufficient. But is it the only requirement asked?