Disturbing entry reflected in AIS increasing scope of notice u/s 69

Save Share

This query is : Resolved

Quick Summary

A mutual fund investor is concerned about an Axis Bank mutual fund entry in their AIS showing a cumulative purchase of £18 lakh, rather than two separate £9 lakh transactions. This discrepancy could attract scrutiny from the tax authorities. The investor is seeking advice on how to respond if they receive a notice from the Assessing Officer (AO) under sections 143(2), 148A, or 69.

Shantanu Bose

Shantanu Bose (Querist)

07 July 2025 Sir,
I had purchased 9 lakh Axis overnight mutual fund on 12/11/24 which I redeemed on 25/11/24. Again bought 9 lakh Axis overnight mutual fund on 03/01/25 with same corpus which I redeemed on 25/03/25. So total money involved is 9 lakh only. But in AIS for AY 25-26, AMC has reported this as purchase of 18 lakh in 1 count cumulatively instead of 2 counts as if I have purchased high value 18 lakh at one shot which may be counted as high value transaction in AO's eye and I may be served notice or scrutiny may come.

My question:
How ro response and explain to AO if 143(2) or 148A or 69 notice is sent to me ?

Thanks