Re: whether search case or not
The assessment is done u/s 143(3) and addition is made for LTCG for penny stock case. No search / search assessment was done on the assessee. We have filed for VSV. The AO is planning to amend calculations of Tax considering this as a search case based on Q no. 70 in FAQs. He is of the view that search was done on a kolkata based entity and from that the informations has been passed by the investigation wing. Hence according to him the Reply to the FAQ applies in our case. Kindly guide.
The assessee is right similar view is advanced by the Officers across the Country , it seems the representation is made by the Tax Prctioners . If the Board is not accepting the representation the aggrieved assessee may have to file Writ before High Court .
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