Comment on Notice under Section 139(9)? - Possible reason

Rupak commented on 10 Feb 2015, 04:17 PM

Hi Sir,

Kindly help me out of it:

Assessee having his salary income: 4640373
Profit from trading in F & O: 8019

As F& O trading are to be treated as PGBP Income, I have shown the the above amount in the case as where the regular books of account are not maintained as below:

Gross receipt: 8019
Gross profit: 8019
Expenses: 65687
net profit: -57668

I got a notice under 139(9) of IT act regarding the return to be considered as defective return.
I however tried again to file the return u/s 139(9) from the site, it is displaying that ” In no account case, gross profit/Net profit cannot be negative’.

Kindly suggest me what the issue is?? The negative figure comes automatically as expenses>income in F&O.

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