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Order under 143(3), penality reg
Sir. amounts deposited during the demonitization period - certain amounts are added back to the income, hence order U/s.143(3). once i received penality notice under section 271AAC(1) read with section 274.As i have preferred the appeals, after payment of 20% of the tax demand, asked the AO to keep the proceedings under abeyance. now i received one more penality notice under section 221(1). How come penality notices under two diferrent sections sir, kindly advice.
Replies (2)
Quick Summary
271AAC penalty proceedings is in respect of additions made as a result of assessment proceedings. tax demand will be determined based on the additions made and a notice of demand under 156 will be issued. the tax demand has to be paid within 30 days. 221(1) penalty notice will be issued if demand is not paid within 30 days from receipt of demand notice. 271AAC and 221 are two separate penalty proceedings. since you have paid 20% of tax demand, apply for stay of demand till disposal of first appeal.
Thank you so much sir.
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