Answers On Topic: loan or deposit
Whether penalty levied u/Sec. 271D by the JCIt for contravention of provisions of sec 269SS on the basis of reference of AO made after 2 months of Completion of assessment completed u/sec. 143(3) of the Act. Is justified in law. Assessee relied upon the decision of Pune ITAt in the case of DR Kulkarni ITA No 444/PN/2013 JCIT relied up on decision of MP Highcourt in the case of Nitin Agarwal wp no 536 of 2018 Indore Bench . On the ground that this is only HC decision Whether order of JCIT is valid ? Is there any other decision…
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Assessee is partnership firm engaged in the business of Dignostic center. During the search in the year 2017 with third party who is finance broker, a diary was found where noting about amount received and amount given , rate of interest and his commission was recorded. In the said dairy names were recorded in coded form, he has given statement that he earns only commission in the transcations , but did not disclosed the name of party. However, employee of the said assessee has given the details of names which are written in coded form. On the basis of such…
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Penalty u/Sec. 271D