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Revised returns correcting disclosed F&O loss classification require reassessment of consequential business-loss set-off and carry-forward claims under law.
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Timely revised returns may correct the classification of an already disclosed F&O loss from speculative to non-speculative business loss, with consequential recomputation of its set-off and carry-forward. Such correction does not introduce a fresh or undisclosed loss merely because it changes the loss's character and tax treatment. A revised return filed within the prescribed period must be considered, while the legal sustainability of the reclassification and the treatment of F&O transactions remain subject to independent examination. The stated approach distinguishes revisions of disclosed losses from later claims that contradict an express option exercised in the original return.
Timely revised returns may correct the classification of an already disclosed F&O loss from speculative to non-speculative business loss, with consequential recomputation of its set-off and carry-forward. Such correction does not introduce a fresh or undisclosed loss merely because it changes the loss's character and tax treatment. A revised return filed within the prescribed period must be considered, while the legal sustainability of the reclassification and the treatment of F&O transactions remain subject to independent examination. The stated approach distinguishes revisions of disclosed losses from later claims that contradict an express option exercised in the original return.
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