{"id":38286,"date":"2023-12-30T11:02:15","date_gmt":"2023-12-30T05:32:15","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=38286"},"modified":"2023-12-30T11:02:15","modified_gmt":"2023-12-30T05:32:15","slug":"addition-u-sec-69a-and-penalty-u-sec-271d-and-271e","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/addition-u-sec-69a-and-penalty-u-sec-271d-and-271e\/","title":{"rendered":"Addition U\/SEc. 69A and Penalty U\/SEc. 271D and 271E"},"content":{"rendered":"<p>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\u00a0 1 cr as undisclosed Investment U\/SEc. 69A and also made the reference to the Addl CIT for initiating the penalty proceedings U\/SEc. 271D and 271E.<\/p>\n<p>Additional CIT has also levied penalty U\/SEc. 271D and 271E on the basis of same noting .<\/p>\n<p>Whether Addition U\/SEc. 69A\u00a0 on the basis of Noting found in third person search and his admission before the ITSC and Levy Penalty U\/Sec. 271D and 271E is justified in law ?<\/p>\n<p>what is remedy avaialble to the assessee?<\/p>\n<p>Pl guide.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[],"qa_category":[23],"qa_tag":[355],"class_list":["post-38286","qa","type-qa","status-publish","hentry","qa_category-income-tax","qa_tag-penalty-u-s-271d"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/38286","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=38286"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=38286"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=38286"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=38286"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=38286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}