GOVERNMENT OF INDIA

MINISTRY OF FINANCE
INCOME TAX DEPARTMENT

1. PAN ASVPB7691P
2. Name of the assessee DHANUSH SRINIVAS BOLLINENI
3. Address of the assessee PEDDAPADU (V) , KALIGIRI (M) , NELLORE
524224, Andhra Pradesh , India
*ITBA100051931960*

4. Assessment Year 2016-17

5. Status Individual
6. Amount of Penalty Rs. 0
7. Date of Order 13/09/2022
8. DIN ITBA/PNL/F/271(1)(c)_1/2022-
23/1045450110(1)

Order under section 271(1)(c) of the Income Tax Act, 1961

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The assessee, Sri DHANUSH SRINIVAS BOLLINENI has filed the return of
income for the Asst. Year. 2016-17 on 31-03-2018 declaring returned income of
Rs.375600/-. As per the information available with this Office the assessee has
made investment of Rs.7,09,71,000/- in Insurance policies in other companies.
Accordingly, the assessment was reopened U\s147 of the I.T. Act. During the
course of scrutiny proceedings the assessee has stated that “nowhere he is
concerned with Neo-alliance Health Care and Technology Pvt. Ltd and he has no
business transactions with Banka Group or Mahesh Banka”. Not satisfied with the
assessee’s reply the AO added Rs. 709,71,000/- U\s69 of the I.T. Act. Accordingly
Penalty proceedings U\s 271(1)(c) were initiated in the case of the assessee and
a penalty notice was issued to the assessee on 30/03/2022.

During the course of penalty proceedings the assessee vide reply dated 12-
09-22 has stated that he has borrowed Rs.7,09,71,000/- from M\s Srinivasa
Construction Corporation Pvt. Ltd and repaid Rs.6,39,87,858/- in the same financial
year. He also stated that he holds 5.3% shares with voting rights in the company and
hence deemed dividend provisions are not applicable in his case. Accordingly he
requested to drop the penalty proceedings. Also furnished the ledger extract of the
assessee in the books of Srinivasa Construction Corporation Pvt Ltd for the financial
year 2015-16.

After considering the Assessee’s explanation and also the assessment order it
is found that it’s not a fit case for levy of penalty and proceedings U\s271(1)© are

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,INCOME TAX OFFICE, 24-2-438, 1ST FLOOR, GT ROAD, NELLORE, Andhra Pradesh, 524001
Email: NELLORE.DCIT1@INCOMETAX.GOV.IN,

Note:- The website address of the e-filing portal has been changed from www.incometaxindiaefiling.gov.in to www.incometax.gov.in.
* DIN- Document identification No.
 ASVPB7691P- DHANUSH SRINIVAS BOLLINENI
A.Y. 2016-17
ITBA/PNL/F/271(1)(c)_1/2022-23/1045450110(1)

hereby dropped.

BHARADWAJA MANNEPALLI
CIRCLE 1,NELLORE

(In case the document is digitally signed please

refer Digital Signature at the bottom of the page)

This document is digitally signed

Signer: BHARADWAJA MANNEPALLI
Date: Tuesday, September 13, 2022 8:55 PM
Location: HYDERABAD, India
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