Unsecured Loan

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2010 A person has unsecured loans in his Balance Sheet in the last year's Balance Sheet and few new loans have been taken in current year also. His case came into Scrutiny for the current year.
I want 2 ask does the Assessing Officer is correct in raising question over the unsecured loans of last years when the assessment for those years have already been done by department nd no query was raised at that time??
Further whether there can be initiation of a penalty u/s 271 (1)( c) even when he has given ample proof of genuineness of the loan amount?

Pawan Periwal

Pawan Periwal (Expert)
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02 January 2010 Yes, he can raise teh issue and the requisite dox are provided with, penalty won't be initiated

Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2010 Can u plz tell me where he can raise d issue?? Where should he appeal?

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Querist : Anonymous

Querist : Anonymous (Querist)

02 January 2010 Plz reply!!!!!!!!!

Aditya Maheshwari

Aditya Maheshwari (Expert)
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02 January 2010 during the course of assessment proceedings.
You can file appeal before the CIT(A) against the order from which he is aggreived i. e. the assessee.