Intomation u/s 143(1)

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ankita (Querist)
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30 August 2013 I have received an intimation U/s 143(1) of the Act wherein Speculation loss is considered as income and demand raised. I have made rectification online & received order u/s 154 of the Act but there is no change in order. How to draft appeal.

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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30 August 2013 Then first of all you should submit letter to local income tax department.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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30 August 2013 I think you may be used such Speculation loss to set off with other heads income. Is it correct? then department is correct and issuing of demand is proper and correct, because of Speculation loss only to be set-off with the speculation profit only.

So first confirm the above aspect and then think about appeal if you are correct.

OM SAI SRI SAI JAI JAI SAI

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ankita

ankita (Querist)
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31 August 2013 We have not set off loss under other head. It is carry forward.Even in intimation also they have carried forward speculation loss.