Dear All,
Assesee had f&o (shares) loss in f.y.2008-09, 09-10, 10-11, 11-12.
and all income tax returns (itr 4) are filled in time u/s 139(1).
but while filling return he showed this loss as miscellanues expendiure in asset side in his balance sheet (in each year and carried forward till date).
but when we see his itr4 there is nowhere mentioned the amount and year of loss nor in set off of carried forward of loss section.
only showed in balance sheet schedule under misc. exp.
so now he want to claim this loss --- what is the remedy? whether to revise all returns or what to do.........
whether to consider such loss as speculation or non speculation?
All your kind replies awaited......
CAclubindia
