Assesseee co\u00a0 is developer and Builder. Search action U\/sec. 132 has been conducted in the year 2022-23. During the course of search one pen drive was found with one of the employee, which contains the noting of cash transcation.<\/p>\n
On the basis of such noting and statement of few employees and one of the director,\u00a0 where in they have accepted the noting are in respect of cash transcations carried out by assesseee and group co.<\/p>\n
<\/p>\n
On the basis of such admission Mr. A received Notice from AO , asking the Mr.A as to why amount mentioned on the seized pen drive should not be treated as income escaped from assessemt and liable to be tax for A.Y. 2016- 17 with in 7 days as the said information is flagged as\u00a0 VRU module as RMS guidd lines.\u00a0 \u00a0It is also stated that this letter be consider as Notice U\/Sec. 148A(b) of the Act.<\/p>\n
Whether such action of AO of Mr. A is legally justified .<\/p>\n
What are options available with Mr. A.<\/p>\n
CONSULTNAT OF Mr. A ADVICED HIM TO DENY THE SAID TRASCATIONS AND ASKED FOR COPY OF ENTIRE STATEMENTS AND DOCUMENTS AND OPPORTUNITY OF CROSS EXAMINATION .<\/p>\n
WHETHER THIS ACTION IS CORREFT<\/p>\n
PL GUIDE<\/p>\n
<\/p>\n
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