11 July 2010
sir, i have faced search u/s 132 during the f.y. 2008-09. during the assessment proceedings i have surrenderd income with the condition of no penalty u/s 271 (1) (c) & 271 AAA in following heads: 1. i have not charged interest on loan & advances. 2. on account of Deemed dividend i have also surrenderd some amount. 3. Some jewellery was found for which i surrenderd the amount 4. some unrecorded expenditure.which were incurred from unrecorded income surrenderd duirng the search. 4. some foreign study exp. debited in company's books for a director & disallowed by A.O.. 5. on account of some stock difference. 6. on account of share application money received in preceeding years.
all these surrenders have been made with the condition of no penalty but A.O has issued notice for penalty. can u help me in this matter as soon a possible.
CAclubindia
