Re: Faq 70 125%
Scrutiny assessment was completed u/s 143(3) based on information from Inv wing (Penny STock case). The Form3 has been received calculating Tax under VSV @ 125%. Does the Circular issued on 23rd mar clarify the FAQ 70 for levying 100/125% tax. The designated CIT is of the view that even after the circular 125% should be levied. WHats the latest update on this matter.
Thanks in anticipation.
CBDT issued Circular No. 04 /2021 dt 23 rd March 2021 they have clarified that , answer given in Q. No .70 is applicable to Search cases only . The assessee need not pay 125% . The CBDT has modified their earlier answer . The Assessee may write to the Designated Authority to send revised challan as per the new circular dated 23 -3 -2021 .
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