12.09.2022 To The Deputy Commissioner Income Tax Department Nellore Sub: Penalty proceedings in the case of Bollineni Dhanush Srinivas AY 2016-17 ~ PAN ASVPB7691P Ref: ITBA/PNL/S/271(1)(c)/2021-22/1042251480(1) Respected sit, Please refer to the above ‘The assessing officer while passing order u/s 271(1)(c) has proposed following 1) Penalty on the addition of income in dt 31/03/2022 lation to addition of income by assessment order u/s 147 Respected Sir, Inthe context of penalty proceedings its to mention that the assesse Bolineni Dhanush Srinivas has received loan from company Srinivasa Construction Corporation Pvt. Ltd. which for the FY 2015-16 for Rs. 7,09,73,000/- and has -epaid Rs. 639,87,858/- in the same Financial Year. Balance of Rs. 69,83,142/- is shown in the Balance Sheet of Bollineni Dhanush Srinivas as at 31/03/2016, {iso Bollineni Dhanush Srinivas holds 5.3% shares with voting rights in the company and hence he is not the substantial in the company as per section 2(22)(e). Hence it can not be considered as deemed dividend in the hands of Bollineni Dhanush Srinivas. For this Assessment Year | have declared my full income detalls and calculated income tax properiy paid tax and filed return. further I neither hide income details nor concealed, hence penalty provisions will not attract and. requesting you to kindly drop penalty proceedings Thanking you Yours Faithfully. TT hh Bollineni Dhanush Srinivas PAN- ASVPB7691P