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Share trading transactions

This query is : Resolved 
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(Querist)
15 February 2013 MY CLIENT A LADY WORKING IN A PUBLIC SECTOR BANK-ON HER NAME HER HUSBAND HAS DONE SHARE TRADING TRANSACTIONS I.TAX DEPT.ISSUED NOTICE RAISING SOME POINTS REGARDING SHORT TERM-LONG TERM CAP.GAINS AND REG.SECTION 44-AB I HAVE SOLVED ALL IN LOCAL LEVEL WITH A.O. BY SHOWING BOOKS OF A/CS IN 2010.RECENTLY COM.OF I.TAX ISSUED NOTICE U/S 263 FOR NON-COMPLIANCE OF SECTION 44 AB NOW WHAT TO DO? AS TURNOVER DOES NOT EXCEEDS 40.00 LACS HOW TO EXPLAIN THEM?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
15 February 2013 Please consult the AO if he has not been transferred.
.
Explain the things to the CIT in the manner you have explained earlier to the AO.
.
You may also take a plea that in case of Capital Gains Transactions, 44AB can not be applied.
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