Proposed Adjustments u/s 143(1)(a)

Disagree to the demand stating that the income has already been declare under head 'Income from Other Sources', as the income is not related to business income.

Please note that clause 16(d) is for income not credited to P&L. What is the treatment given in financial statement for that other source income. If it is not credited to P&L, what is the reason thereof. If it is already credited to P&L even if reported under income from other sources in return, there was no need to report said transaction under clause 16(d) of 3CD. If it proves incorrect reporting in 3CD, you can revise the same in consultation with your CA. Accordingly, you need to draft suitable reply to drop off the proceedings.

Consult with your CA who have filed your Form 3CD. He would be in better position to provide you the reason/resolution.

Regards,

Manoj