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

Hi Nithin,

IT dept has seeking a response for a defective return filed, Need your Help

Defects as per CPC:
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Error Code :14

Error Description:
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Tax Payer has entered negative amount in gross profit or net profit in Sl. No. 51b and 51d of Part B of Profit and Loss Account

Probable Resolution:
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Assessee has claimed loss under the head profit and gains of business or profession, however he has to fill Balance sheet and Profit and Loss account. Incase assessee’s falls under section 44AD assessee also has to get his books of account audited if his income is less than 8% of the gross receipts.

Do you agree with the defect:
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Select Yes/No

1. I filed ITR-4 to declare and carry forward speculative loss (intraday loss = Rs 1580)
2. I reported Speculative loss under P&L section in No Account Case (Sl.No 53) and in Schedule BP (A.2a Net profot or loss from
speculative buisness) , the loss get computed and placed in appropriate tabs(CFL) in ITR-4 excel sheet
3. My total income is less than 2.5 lakhs
4. My STCG – 1,40,000/- (one lakh forty thousand),reported as STCG
5. Turnover less than 1 crore

What should be my response to the notice u/s 139(9) defective return filed ?

Thanks in Advance,
Kumaran

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