Re: Disputed addition in reassessment of initial search assessment under section 153A.. Tax payable is 100 percent or 125 percent
In a case where search assessment is originally completed under section 143(3) rws 153A no additions were made. Subsequently the asseassment was reopened on basis of information recd from Inv Wing reg bogus penny stock. The addition is made in reassessment and appeal againt this reasst is pending. The assessee is falling in definition of search case. what will be the rate of tax 100 or 125%?
According to us the reassessment is on account of reassessment and nothing to do with search proceedings hence the rate of tax will be 100% and not 125%
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