itr v

This query is : Resolved

REKHA PANJWANI (Querist)
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11 August 2016 Security loss of 3.5 lakh has not shown in ITRV.. There is scrutiny regarding that to explain.. Assessee show only salary income ND other income.... He is investor only and the transaction was of 3crore...

Amol S Joglekar

Amol S Joglekar (Expert)
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12 August 2016 You can explain the same at the time of scrutiny.
The stand could be....there is no ANY loss of revenue to Income Tax Department. In fact the assessee is forgoing the right of carry forward.
The care be taken that at the time of submission, at least, be honest, true and correct in giving the submissions. The point is once Assessing Officer forms the opinion that the assessee is not maintaining the books of accounts as well as not co operating in the income tax proceeding.....you may land into BIG trouble.