An assessee filed his return within due date specified in sec 139(1)by showing profit in business, subsequently he found that he did not record a lump sum expenditure in their books, which resulting loss on his business. Now, he wants to revise his return u/s 139(5), in that case assessee can carry forward such business loss ? It is assumed that such mistake is bonafide.
Please let me know how would I solve above mentioned Problem.
07 November 2012
Yes assessee can carry forward the loss by filing revised return before 2 years from the end of Financial Year. but be ready for scrutiny.
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