RAHUL B. (CHARTERED ACCOUNTANTS) (92 Points)
21 February 2020a notice of demand u/s 156 is issued to an LLP after best judgement assessment and the AO has also invoked sec. 68.
The LLP has already shut down its operations after a dispute between partners . Also the LLP didnt file any ITR .
My query is , can the IT Department freeze bank accounts or attach properties of the partners ?
Raghav Jhunjhunwala
(51 Points)
Replied 21 February 2020
As per the short facts stated by you, an addition U/s 68 has been made i.e. unexplained cash credits. Against the order, you ought to have file an appeal before the Jurisdictional CIT(Appeal) and get a stay order. If not, the department has all rights for recovery
rama krishnan
(12234 Points)
Replied 22 February 2020
Kapadia Pravin
(17254 Points)
Replied 23 February 2020
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