Business loss in first time

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 i have business and i have lost first time loss after ten years when i will file the ITR if Ao asked me how the loss you have in business while last ten tears i have profit then what should i say to AO.
give me your advice with section if any case law then gave me also link.

C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)
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27 February 2014 if you're having genuine loss then don't worry, AO, in 0.01% case will issue a notice to provide necessary detail like some creditor ledger, exp ledger etc. just comply this notice. AO cannot doubt genuineness of loss.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2014 ok but if i came in 0.01 % cases then what shouold i do

thanx to you

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C.A. Mayur J. Raiyani

C.A. Mayur J. Raiyani (Expert)
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27 February 2014 i have mentioned that if you're in 0.001% then submit details what you asked in notice. Remeber genuineness always prevails over AO