Notice -i t return not filed-assessee trading in shares

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Narayan (Querist)
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29 November 2013 Sir
Assessee had Purchased & Sold of different co's shares during the F.Y.09-10 and incurred the loss of Rs.22390/- as per the Trading A/c of Shares. However, the total turnover of shares purchased & sold is Rs.59 lacs. whether the assessee is required to file the return & what are liabilities his has to bear.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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29 November 2013 He has borne the loss.
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Unless IT notice strikes at his doors, he is not having any further liability.
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He should furnish the Loss return also, but the time has gone.
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Now -if the AO invites you-(minimum chances are there unless the assessee is too lucky !!!) then-
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Do not prepare a trading account. If you have prepared, take it for your own purpose. Do not tell it a trading activity from your side. Simply show it as a (Short /Long) term Capital Loss.
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Put the results before the AO in Scrip-wise, profit/loss type statement. He will judge the case within a glance.

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