Share Trading Profit not disclosed by Salaried Income in ITR

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  1. jigneshggovani

    jigneshggovani New Member

    Dear Sir,

    My friend has not shown share transaction at the time of filling return for A.Y 2014-15 (F.Y 2013-14)

    he has frequently trade in f&o and equity (intraday & delivery).

    summary of his transaction as follows
    >Loss in f&o 35 lacs (turnover i.e sum of profit and loss is 1.08 crore)
    >Intraday profit in equity 5 lacs (turnover by sum of profit loss is 5.50 lacs)
    >Short term profit 14 lacs ( turnover 12 crore) . he has frequently trade in delivery buy and sell.


    He has not disclosed above while filling IT Return. IT return filed as salary person. IT return file before due date.


    His case selected for limited scrutiny.

    Aessesing officer demand tax audit penalty Rs. 1.50 lacs. Also A.O is not agree to set off f&o loss with short term and intraday profit, as he has not disclosed business income at the time of filling return of A.Y 2014-15



    please guide for the same.


    Regards

    Jignesh ggovani.
     
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