ITR not filled for the AY 2017-18

[NIRMAL Kashyap]

Income tax notice issued in February'2024 for AY 2017-18 on the basis of 26AS as follows :

'The above have not been reflected in your return of income for the AY 2017-18. You are hereby given an opportunity to explain why the same should not be treated as your unaccounted income from undisclosed sources, & why penalty should not be levied against you for non-disclosure.'

Kindly advice what to do ?

[Padmanathan KV]

Under which provision the notice has been issued? What is the date of notice?

[NIRMAL Kashyap]

No Sec. was found in notice. Notice online generated as" Subject: Calling for explanation".

AI Summary

Income tax notice for unexplained 26AS entries seeks explanation and threatens penalty in an earlier assessment year. Income tax notice issued in February 2024, based on Form 26AS entries not reflected in the taxpayer's return for the assessment year, requests an explanation why those entries should not be treated as unaccounted income from undisclosed sources and why penalty should not be levied; the notice, generated online as 'Calling for explanation,' does not cite any specific statutory provision according to the taxpayer.