Question ID : 40512

SECTION 271AAC VS SECTION 271DA

DURING THE COURSE OF SEARCH OF A PERSON ' X ' IT WAS FOUND THAT ASSESSEE HAD RECEIVED BACK THE SUMS GIVEN AS LOAN TO THAT PERSON (IN WHOSE PREMISES THE SEARCH WAS CONDUCTED) IN CASH . ASSESSEE HAD ALREADY OFFERED THE SAID AMOUNT AS UNEXPLAINED CASH CREDIT UNDER SECTION 69 AND PAID THE TAX THEREON @ 60% UNDER SECTION 115BBE ALONG WITH PENALTY LEVIED UNDER SECTION 271AAC . HOWEVER THE PENALTY UNDER SECTION 271DA IS ALSO LEVIED SIMULTANEOUSLY ON ACCEPTANCE OF SUMS IN CASH . CAN PENALTY UNDER SECTION 271DA BE ALSO LEVIED IN CASE THE SUMS HAD BEEN DECLARED AS INCOME UNDER SECTION 69. SECTION 271AAC HAD STARTED WITH THE WORDINGS " NOTWITHSTANDING ANYTHING CONTAINED IN THE ACT , STILL THE PENALTY UNDER SECTION 271AAC AND PENALTY UNDER SECTIN 271 DA OF THE ICNOEM TAX ACT 1961 BE LEVIED SIMULTANEOUSLY ON THE SAME AMOUNT . PLEASE CLARIFY

posted by DEEPTI DHAKAD on Dec 24 2019 12:00AM