Notice for verification of transactions.

This query is : Resolved

CA.Yogesh Patel (Querist)
Follow

05 May 2010 Hi,

Can anybody share his views on the following notice received from the I.T.Dept...

You have made several transaction of share trading during the F.Y.2007-08.

Whether u r assessed to income tax? if Yes, plz furnish the acknowledgement.

Have u reflected the above transactions in your books and the return of income.

The notice doesn't mention any section.

Whether the notice is valid and if yes what are the remedies.

taxindiaconnect

taxindiaconnect (Expert)
Follow

05 May 2010 The Notice is valid as under section 133(6) The Ao has wide powers to call for the information from assessee. The remeady is to provide the information to department.