{"id":32775,"date":"2023-02-17T13:12:27","date_gmt":"2023-02-17T07:42:27","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=32775"},"modified":"2023-02-17T13:12:27","modified_gmt":"2023-02-17T07:42:27","slug":"section-271e-penalty-for-failure-to-comply-with-the-provisions-of-section-269t-mode-of-repayment-of-loans-or-deposits","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/section-271e-penalty-for-failure-to-comply-with-the-provisions-of-section-269t-mode-of-repayment-of-loans-or-deposits\/","title":{"rendered":"Section 271E- Penalty for failure to comply with the provisions of section 269T -Mode of repayment of loans or deposits"},"content":{"rendered":"<p>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.<\/p>\n<p>The director of the company has accepted the above referred seize paper noting in his personal capacity.<\/p>\n<p>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 in the hands of the director of the company.<\/p>\n<p>The assessee company has received notice u\/s 271E for alleged repayment of loans of Rs. 70,00,000\/-.<\/p>\n<p>Whether the action of the AO of initiating penalty proceedings u\/s 271E is justified in law even though there is no mention of such initiation in the assessment order.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[804,149],"class_list":["post-32775","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-mode-of-repayment-of-loans-or-deposits","qa_tag-penalty"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/32775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32775"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32775"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=32775"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=32775"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=32775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}