It return u/s 139(4)

This query is : Resolved

Vikky Vasvani (Querist)
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20 September 2011 Dear All Experts,

Belated Income Tax Return ( u/s-139(4) ) Cannot Revise , Say if a Person submit IT return after due date 31/7 as profit Rs. 2 Lacs under PGBP (non-Speculative) head later he knows there is Loss of Rs. 1 Lacs in PGBP(non-Speculative). He cannot revised the IT Return for Claiming Loss u/s 139(3). But if at time of Return He shows Profit PGBP Rs. 2 Lacs & Later he knows Profit of Rs. 5 Lacs in PGBP . then what is procedure in Income Tax Act.

Please do the needful.

Regards,
Vikky Vasvani

CA ramesh

CA ramesh (Expert)
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23 September 2011 If notice is received u/s143(2) or under U/s 147 then at the time of proceedings you may ask the Office for taxing the differential.

If an order has been received then rectification u/s154 is possible.

In none of the above you may disclose the same to the officer in writing for passing appropriate orders