Hello
Requesting to know if An Additional Commissioner can reopen the assessment under section 271 D and 271 E with one notice and is there any time limit for them to reopen the assessment .
Regards
Chethan
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271D and 271E
Replies (1)
Reopening is done u/s 147. 271D & E are penalties levied by the Addtional Commissioner of Income Tax for accepting and repaying deposits or loans in excess of specified limits by cash. This can be invoked at any time. No connection between the assessment proceedings and penalty.
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