Dear Experts, please advice. I went thru the Faceless assessment procedure for the assessment year 2019-20. Now i received the final reply as follows, "Assessment order" says, i didnt provide proper responses to show the source of income. Although i provided detailed reply to IT Dept. Assessment order is not updated based on my replies. But the IT department demand notice & computation sheet says, I need to pay Rs.0 for Assessment year 2019-20. But IT Department opened the penalty notice u/s 271(1)(c)
Please advice, based on the demand notice & computation sheet, can i consider this case as CLOSED and no penalty u/s 271(1)(c) (or) Based on assessment order, whether IT department can penalize u/s 271(1) (C). Please advice which is important "Demand notice & computation sheet" or Assessment order
CAclubindia
