Notice u/s 142(1)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 July 2017 I was not filing ITR since 2004 due to income lower than the limits.
I was doing on line trading in shares and commodities during 2009-10
I got notice u/s 142(1) asking to verify trading of Rs. 88,35,177 shares.
I must have done this trading but not having any records.
Am i a defaulter of not getting the accounts audited, while I was not filing ITR and i suffered a loss in this trading ?
Please advise me what to do ?
What could be the demand from ITO if I do not reply thgis notice ?
Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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14 July 2017 kindly get a CA to verify your records. everything can be obtained from the brokers. and reply to the officer in time. he can levy penalty for not responding to income-tax notices. and in worst case make best judgment assessments and raise tax demand.