There has been an explanation given by the CBDT for the case. I am also given to understand that the AO in question has been transferred — and I am pained to know this. I never wanted this in the first place, All I want to know is how will I run my business. More on this later.
Additionally, want to thank some people here. Particularly Mr. Akhilesh Ranjan-Member CBDT who was all ears for me and helped in getting at least my account freeze removed. But that is not of much help with ZERO money in the accounts. I also thank the startup community with immense support pouring in from all the places.