To Shri PrakashamDumpalagadda, Assessing Officer, Circle-1, Nellore, AP — 524001. Dear Sir, Sub: Reply to notice dated 9" March 2023 & Re: With reference to your aforesaid notic [DIN No.IT) ‘BA/COM/F/17/2022-23/1050535965(1)] Name of Assessee: Dhanush PAN: ASVPB7691P Assessment Year 2016-17 Srinivas Bollineni (“Assessee”), tees € dated 9.03.2023, by which your honour has proposed to rectify / re-open the proceedings for the above assessment year by adding loan transactions amount to assessed income, in this regards we would like to submit as under: 18 - 2 - Your office has passed the order us 144 & 147 vide DIN: 2 . Due to oversight Demand Notice vide That the assessee has declared taxable income of Rs.3,75,600/- in the return with net tax payable amount of Rs.16,028/- rounded off to Rs.16,030/- and filed it on 31.03.2018 for the above mentioned assessment year and remitted the above mentioned tax amount of Rs.16,030/- on the same day, 31.03.2018 vide CIN: 029017931032018 37073 the same reflects in 26AS, 021201637005327170T dated 31.03,2022with addition of total transactions of loan amount taken from M/s, Srinivasa Construction Corp Pvt. Ltd., of Rs.7,09,71,600/- out of this Rs.6,39,87,858/- was repaid on the same year and the net loan taken amount was of Rs.69,83,142/-, wherein assessee holds 5.3% of shares. DIN: 2021201637005327170T dated 31.03.2022 Ras served to us, by CPC, asking to semit the demand of above mentioned wr payable amount of Rs.16,030/- Followed by penalty notice was served to us vide your letter No. ITBA/PNL/S/271(1(¢)/2021-22/1042251480(1) dated 3; 1.03.2022 and reminder notice served to us dated 19.08.2022 mentioned in the above captioned subject, We have submitted to above penalty Proceedings notice mentioned in above point 5 with all the details of ledger statement of loan taken end repaid for the entire financial year, You ote has accepted our submissions and dropped the Penalty proceedings, order is attache —— 1) Page i ofzy We bring the above points to your good notice and would like to state that for the above mentioned assessment year the assessee has not concealed nor given any inaccurate particulars of income. Hence, we therefore pray that your honour shall accept the submissions,Loan ledger statement and the returned income as true and correct income and drop the proposed proceedings of demand and requesting you to kindly revise/ rectify the order. Should your honour require any further details, to furnish the same. information or clarifications, we shall be glad Kindly treat this as due compliance of your above mentioned notice and oblige. ‘Thanking you, ‘Yours truly, Grn Dhanush Srinivas Bollineni Assessee Place: Bangalore Date: 13-Mar-2023 Encl: Order Copy dropping penalty proceedings