The order under section 143(3) was made and wherein entire LTCG of penny stocks was added to the income as income from other sources, and in computation sheet of tax, the same was treated as short term capital gains and tax was levied at @15%. The assessee is before appeal before CIT (A) and the same is pending as on 31-01-2020. The assessee filed declaration under DTVSV and thereafter the assessing officer issued show cause notice under section 154 of the Act to rectify the mistake and order was passed enhancing the demand of tax. Can ITO make rectification when the declaration under DTVSV is pending.<\/p>\n","protected":false},"excerpt":{"rendered":"
The order under section 143(3) was made and wherein entire LTCG of penny stocks was added to the income as income from other sources, and in computation sheet of tax, the same was treated as short term capital gains and tax was levied at @15%. The assessee is before appeal before CIT (A) and the same is pending as on 31-01-2020. The assessee filed declaration under DTVSV and thereafter the assessing officer issued show cause notice under section 154 of the Act to rectify the mistake and order was passed enhancing the demand of tax. Can ITO make rectification when the declaration under DTVSV is pending.<\/p>\n