Filing of Return under wrong head

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Parikh Navin Keshavlal (Querist)
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26 May 2010 Sir,

In past, the return of income was filed and in the return, speculation loss was wrongly put under the head "Capital Gain" showing as short term loss.

Assessment order is also received u/s 143(1)

In the current year, there is speculation profit.

Now, can I adjust the profit against previous loss wrongly put under capital gain ?

If not, what should I do ?

Your guidence will be highly appreciated.

Navin Parikh

M Prabhakar Menon

M Prabhakar Menon (Expert)
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26 May 2010 This is a mistake apparent from the record and accordingly u can make an application u/s154 for rectification and for setting the record straight.There is a time limit for such application which is 4 years from the date of the order sought to be rectified.An order u/s 154 has to be passed before the end of 6 months from the end of the month in which the application is made.In the meanwhile you can adjust the profit based on the correct classification and file the return.