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DEMAND U/S 271B OF INCOME TAX ACT

This query is : Resolved 
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(Querist)
08 October 2022 Assessee received notice u/s 147 of IT Act and after the closure of Assessment there was refund of Rs 440000/- . After that penalty proceedings was initiated for the aforsaid AY and they determined penalty for Rs 148000/- . Now i want to know whether this penalty will be automatically adjusted with the corresponding refund amount or penalty amount needs to be paid in cash.
Note: Assessment order determining refund was passed in Mar 2022 and refund is not yet issued
and penalty order was passed on 15.09.2022 asking to pay it within 30 days.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
08 October 2022 1. Hope the proceeding for the penalty and refund order are for same AY. &
2. The penalty amount has not adjusted the refund amount.
3. Write a letter to your J ITO to adjust the penalty against the refund amount, with a request to quash the order after adjustment of the demand against the refund order; & pay the balance amount at earliest. Keep the acknowledgement.
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