Re: Query on FAQ 70
Disputed case of penny stock additions where assessment was completed U/s 143(3) has been considered as a search case and tax is calculated accordingly i.e. 125% of normal tax by CIT City 19 as per FAQ 70 dt. 04/12/2020, is his interpretation of FAQ 70 is correct, if not what is remedy. To my mind search cases are cases where assessment has been done U/s 153.
Thanks
It seems the interpretation given by the CBDT is not correct. The asssessee may have to file Writ before the High Court. Discussion is in progress to file Writ before the Bombay High Court .
Sir
Is there any development on the issue relating to FAQ 70, where department is charging 125% of normal tax. Pl give update if any… Thanks
Ashish Saraf Vs PCIT (Delhi High Court)
Appeal Number : W.P.(C) 1980/2021
Date of Judgement/Order : 15/02/2021
PLEASE REFER TO DELHI HIGH COURT JUDGEMENT IN THIS REGARDS
ANY FEED BACK ON BOMBAY HIGH COURT WRIT BEING FILED ? FURTHER DO WE WRITE TO THE CIT BASED ON DELHI HIGH COURT ORDER TO RECTIFY THE FORM NO 3