Penalty proceeding u/s.271(1)(c)
This query is : Resolved
02 April 2016
ASSESSEE HAS TAKEN UNSECURED LOAN FROM INDIVIDUALS.ASSESSEE FILED THE PAPAERS ie INCOME TAX RETURN, BANK PASS BOOK CONFIRMATION LETTER ETC BUT AO HAS ADDED RS. 10.00 LACS IN TOTAL INCOME OF THE ASSESSEE. HE MENTIONED IN HIS ASSESSMENT ORDER THAT ASSESSEE HAS PROVVED THE GENUINENESS AND IDENTITY OF LENDER BUT ASSESSEE NOT PROVED THE WORTHINESS OF THE LENDER.ACCORDINGLY HE ADDED THE LOAN AMOUNT OF TWO LENDERS IN TOTAL INCOME. ASSESSEE HAS PAID THE DEMAND OF TAX. THE AO ALSO ISSUED NOTICE OF PENALTY U/S. 270(1)(C) FOR INACCURATE PARTICULARS. ALSO SUGGEST ME THAT THESE 10.00 CAN BE ADDED IN CAPITAL ACCOUNT OF ASSESSEE ON WHICH TAX HAS BEEN PAID? PLEASE GIVE ME FORMATE OF REPLY OF PENALTY NOTICE AND TREATMENT OF ADDITION MADE IN ASSESSEMENT ORDER BY AO. NO APPEAL HAS BEEN PREFERRED.
03 April 2016
question the notice if you have sufficient reasons pls
03 April 2016
yr qiestion is not totally explained so we cannot say any position correctly sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- VALUATION OF PRIVATE LIMITED COMPANY SHARES
- Average Cost Of High Quality Diamonds
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
