brought forward losses

This query is : Resolved 

12 November 2009 I want to know that if a proprietorship firm has brought forward short term capital loss of A.Y 2001-02,2002-03,2005-06,etc. and the firm has claimed this losses in 3CD but not claimed in income tax return. Is there any way to claim this losses.

12 November 2009 Hi Preeti,

Showing in Form 3CD is not claiming the loss and you have to show in the return for claiming carry forward of loss.However in those years we had to submit Audit Report alsongwith Return. So just thinking if those can be considered as mistake appearant from the records and would be eligible for rectification u/sec 154.

But revision is time burred now so I don't think there is any possibility to claim those. Lets the query be open for experts valuable opinion.

12 November 2009 To claim brought forward shortterm capital loss you must claim you loss in return. if dont claim this than in subsequint period u won't get setoff for this.




You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries