| Question And Answer | |
|---|---|
| Subject: | Penalty U/Sec. 271DA |
| Category: | Income-Tax |
| Querist: | Prakash |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | 69, penalty, Section 271DA |
| Date: | July 8, 2023 |
Assessee is the co and during the course of assessment proceedings for A.Y. 20-21 on the basis of voucher seized during the course of search with other person , where in it is stated that the other person has made payment of Rs. 5 lakhs in cash and same has been added U/Sec.69 of the Act and now the assessee has received show cause Notice U/Sec. 271DA of the Act.
whether Penalty U/Sec. 271DA can be levied even if addition is made U/SEc. 69 for the amount which is not recorded in the books of the assessee.
whether assessee has denied the acceptance of any such amount , still penalty can be levied?
How assesee should reply to show cause Notice U/SEc.271DA
pl guide
The quantum proceedings and penalty proceedings are independent of each other. The action taken by the Department is not incorrect. The Assessee should explain how the provisions of section 269ST of the Act are not applicable to the case of the Assessee.