Penalty u/s 271DA

AS per penalty order 16.02.2024, Assessee received sum of Rs. 6,00,000/- from A in December 2020. Assessee received SCN in December 2023 for levy of penalty u/s 271DA. Assessee is raising following queries:- No Regular Assessment has been done for A.Y 2021-22. Whether the penalty can be imposed  even if no regular assessment has been done. No details of transaction in the SCN has been given. Whether the AO/ JCIT who issued the notice u/s 274 r.w.s 271DA should record satisfaction before issue of notice. Please Clarify the above

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  Addition U/SEc. 69A and Penalty U/SEc. 271D and 271E

Assessee is partnership firm engaged in the business of manuf of pickles and spices. During the course of search action with the Mr. X certain loose papers were found . on the basis of noting on the loose papers and the explanation given by Mr. X during post search enquires and his addmission before the his application before ITSC, Notice U/Sec.153C was issued . Assessee has given detailed response to all the Notices and denied having such transcation with the Mr. X . However A O has not appreciated the submission has made the addition of  1 cr as undisclosed…

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  271D

Assessee is partnership concern engaged in business of construction and trading of land .during the FY 31.03.2017 assessment was completed by accepting the income return by the assessee firm on 31.12.2019. Departmental Auditor has raised the query about not making an addition on account of difference in opening cash as per books and as per last years  financial statement. Ao has issued notice u/Sec.154 on 13.05.2022 which was serve on email of consultant which was not operative and therefore no response was submitted . Ao passed the order U/sec  154 on 3.08.2022 by making an addition of Rs.8 lakhs .…

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  Sale consideration of immovable property received in cash above prescribed limits will attract penal proceedings if the transaction is genuine

I sold a immovable property and received 25,00,00 lakhs in cash as a sale consideration and the same was deposited in bank and the transaction was recorded in the income tax return filing also. will it attract penalty under s. 271 D for violation of S. 269SS of the income tax act?

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  Whether penalty u/sec. 271D can be levied on undisclosed money surrender by the assessee during search/ Survey under Income tax Act 1961.

During the course of search/ Survey action some incriminating documents found which indicates assessee has received on money in cash in excess of Rs. 2lakh  from flat purchasers. He surrender the same and paid the taxes. Whether penalty U/Sec. 271D can be levied on this on money taxed as undisclosed income.

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