I had some CG LONG TERM LOSS in AY 2020-21, AY 2021-22. By oversight, I could not fill up BFLA schedule
and therefore was unable to set off LTCG of AY 2020-21 & 2021-22 against LTCG in AY 2022-23.
My assessment for AY 2022-23 is also complete.
Can I file for RECTIFICATION of return for AY 2022-23and set off LTCG losses of earlier years? Await your guidance.
Ans: You can file a revised return only to remove the omission and mistake and/or correct the arithmetical error.It cannot be filed for altogether a new claim.
Thus, matter of new claim in revised return can be subject to litigation.
If you file revise return to claim brought forward loss of earlier years against capital gain of AY 2022-23 and if income tax department observes that it is new claim, your claim might be denied as same was not claimed in original return. However, it can be argued that revised return is filed to remove mistake of not claiming brought forward losses.