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

Binay commented on 07 Mar 2016, 11:17 AM

Hi Nitin,
Thanks for the wonderful inputs and feedback. I am a salaried person but have been trading intra day aggressively. This is kind of a bad habit which has led to huge losses and very high turnover running into crores. I decided not to claim any losses to keep the return simple for AY 2014-15. I have now received a notice from IT under section 143 (2) and I suspect it’s due to high trading volumes as I do not have any income other than the salary and tax for the salary has been paid correctly. I appeared before the AO and I was told that a questionnaire would be sent after March. I am worried about the scrutiny. Could you tell me as to what could be the possible implications of this scrutiny? Could this also bring my old returns under scrutiny and could this also mean that I receive a similar notice for my returns of AY 2015-16? Thanks a lot for your support.

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