02 April 2016
ASSESSEE HAS TAKEN UNSECURED LOAN FROM INDIVIDUALS.ASSESSEE FILED THE PAPAERS ie INCOME TAX RETURN, BANK PASS BOOK CONFIRMATION LETTER ETC BUT AO HAS ADDED RS. 10.00 LACS IN TOTAL INCOME OF THE ASSESSEE. HE MENTIONED IN HIS ASSESSMENT ORDER THAT ASSESSEE HAS PROVVED THE GENUINENESS AND IDENTITY OF LENDER BUT ASSESSEE NOT PROVED THE WORTHINESS OF THE LENDER.ACCORDINGLY HE ADDED THE LOAN AMOUNT OF TWO LENDERS IN TOTAL INCOME. ASSESSEE HAS PAID THE DEMAND OF TAX. THE AO ALSO ISSUED NOTICE OF PENALTY U/S. 270(1)(C) FOR INACCURATE PARTICULARS. ALSO SUGGEST ME THAT THESE 10.00 CAN BE ADDED IN CAPITAL ACCOUNT OF ASSESSEE ON WHICH TAX HAS BEEN PAID? PLEASE GIVE ME FORMATE OF REPLY OF PENALTY NOTICE AND TREATMENT OF ADDITION MADE IN ASSESSEMENT ORDER BY AO. NO APPEAL HAS BEEN PREFERRED.
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