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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1.What is time limit for initiating and levy of Penalty U/Sec 271DA of the Income Tax Act.1961. 2. Whether it is to be initiated in the assessment proceedings.
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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…
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Asset seized u/s 132A on the spot liable to penalty u/s 217AAA and or 271[1][c] ?
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whether ratio of 280 Taxman 334 / 125 taxmann.com 253 (Panji)(FB) ( Bom) (HC) apply to 270A as well ?
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During the course of assessment proceedings, AO notice that in some loan transcation assessee has accepted loan in Cash and assessee has also given confirmation from the lender that he is assesssed to tax and disclosed the transcation in his books of accounts. Assessment U/Sec. 143(3) was completed on 31.03.22 by accepting Returned income. There is no mentioned about contravention of provisions of Sec. 269SS of the Act. On 10.05.2022, he made a reference to Joint CIT about contravention ofprovisions of sec. 269SS and initiation of penalty proceedings u/Sec. 271D of the Act. The JCIT o 10.06.22 initiated penalty proceedings…
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Assessee is a partnership firm engaged in the business of manufacturing and job work of engineering goods. Search u/s 132 of the Act was carried out in the month of January,2018. While filing return of income in response to notice u/s 153A, assessee firm discloses additional income on account of unaccounted scrap sale. This scrap sale has been worked out by estimating burning loss at the rate of 20% and the assessee firm declared income as unaccounted scrap sale. Penalty proceedings u/s 271(1)(c) are initiated for concealing the inaccurate particulars of income in the assessment order. Notice u/s 274 r.w.s…
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The assessee is a company wherein in the assessment completed u/s 143(3) of the Act for A.Y 2021-22, addition of Rs. 70,00,000/- was made u/s 68 of the Act on account of unaccounted cash loan repayments on the basis of noting on seize papers found during the course of search conducted in the year 2021-2022. The director of the company has accepted the above referred seize paper noting in his personal capacity. However, AO has made an addition of Rs. 70,00,000/- as undisclosed income in the hands of assessee company and similar addition has been made on the protective basis…
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The assessee is a company wherein in the assessment completed u/s 143(3) of the Act for A.Y 2021-22, addition of Rs. 70,00,000/- was made u/s 68 of the Act on account of unaccounted cash loan repayments on the basis of noting on seize papers found during the course of search conducted in the year 2021-2022. The director of the company has accepted the above referred seize paper noting in his personal capacity. However, AO has made an addition of Rs. 70,00,000/- as undisclosed income in the hands of assessee company and similar addition has been made on the protective basis…
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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