During the course of assessment proceedings,\u00a0 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\u00a0 Returned income. There is no mentioned about contravention of provisions of Sec. 269SS of the Act.<\/p>\n
On 10.05.2022, he made a reference to Joint CIT about contravention\u00a0 ofprovisions of sec. 269SS and initiation of penalty proceedings u\/Sec. 271D of the Act. The JCIT o\u00a0 10.06.22 initiated penalty proceedings and sent a show case notice asking the assessee as to why penalty should not be levied for contravention of provisions of Sec.269SS.<\/p>\n
Assessee has replied that since the AO has made reference to JCIT for initiation of penalty proceedings U\/sec. 271Dafter completion of assessment proceedings , penalty proceedings initiated by JCIT is bad in law.<\/p>\n
Whether assessee view is correct ? If yes, are there any judicial support for this contention.<\/p>\n
Pl guide<\/p>\n
.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[881,149],"class_list":["post-34475","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-271d","qa_tag-penalty"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/34475","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=34475"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34475"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=34475"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=34475"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=34475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}