Comment on Notice under Section 139(9)? - Possible reason
commented on
20 Sep 2016, 07:04 PM
Gaurav, the IT department would have gotten the trade files from the exchange, they would have calculated contract turnover. You have to give them an explanation on your correct turnover and trading ledger. It is late to get audited now, so your reply should ideally say that you hadn’t declared it because there was a loss (their main concern will be to check if you have evaded paying taxes).