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

Varsha Parekh commented on 31 Aug 2015, 11:24 AM


Very useful blog. Thank you very much for religiously replying to the queries.

My issue is very similar to many of them above: Have received 139 (9) notice for claiming loss on F&O saying “taxpayer has to fill Balance Sheet and P&L. In case assesse falls under 44AD and claiming less that 8% of turnover as profit – get the books of accounts audited”

My total income (excluding F&O loss) was 1.1 Lakh. F&O loss (on 3 Lakh turnover) was 80K. So no matter how the ITO treat – tax impact is NIL. Female assess less than 60.

My Question is: In response to 139 (9) can I use ITR 4S (and show 8% as income; everything else same) where as my original return was under ITR 4?

Thank you very much for your help.


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