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Revised Return

Arun Agrawal (Chartered Accountant) (35 Points)

06 June 2010

Whether loss return can be revised even if loss under the head cap gain via shares loss

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3 Replies

Sunil Liladhar Kotak (Manager (F & A)) (2025 Points)
Replied 07 June 2010

Dear Arun,

as per the clause mentioned below - I think only two conditions are there to file a revise return

1) Original return should be filed in time

2) due date for filing the revise return should not have lapsed.

Section 139

[(4) Any person who has not furnished a return within the time allowed²⁶ to him under sub-section (1), or within the time allowed under a notice issued under sub-section (1) of section 142, may furnish the return for any previous year at any time²⁶ before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier : Provided that where the return relates to a previous year relevant to the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, the reference to one year aforesaid shall be construed as a reference to two years from the end of the relevant assessment year.]