GOVERNMENT OF INDIA

MINISTRY OF FINANCE
INCOME TAX DEPARTMENT
National Faceless Assessment Centre
Delhi
*ITBA100047963295*

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
4. Assessment Year 2016-17
5. Status INDIVIDUAL
6. Residential Status Resident
7. Date of service of Notice under section 143(2) As per Order Sheet
of the Income-tax Act
8. Date(s) of issue of Notice(s) under section 07/12/2021,11/03/2022
142(1) of the Income-tax Act
9. Order passed under section 147 r.w.s 144 read with section 144B of the
Income-tax Act
10. Date of Order 31/03/2022
11. DIN ITBA/AST/S/147/2021-22/1042251129(1)

ASSESSMENT ORDER

.
.
.
The assessee is an individual and filed his return of income on 31.03.2018
admitting total income of Rs. 3,75,600/- for the AY 2016-17.

2. In this case, an information has been populated in the Verification Module of

insight portal under High Risk CRIU/VRU Information. On verification of the
populated data, it is noticed that the assessee has made investment in insurance
policies and other companies. As per the verification report the assessee has made
investment of Rs. 7,09,71,000/- during the financial year 2015-16 relevant to the
assessment year 2016-17 which is not commensurate with the income returned.

3. Hence, reason to believe was recorded that, investment made for Rs.
7,09,71,000/- in insurances policies and other companies has escaped the
assessment within the meaning of provisions of section 147 of the IT Act 1961 for the
assessment year 2016-17. Accordingly, with a prior approval of competent authority
notice u/s 148 of the IT Act was issued on 30.03.2021. However, in response to the
Note:- The website address of the e-filing portal has been changed from www.incometaxindiaefiling.gov.in to www.incometax.gov.in.
 ASVPB7691P- DHANUSH SRINIVAS BOLLINENI
A.Y. 2016-17
ITBA/AST/S/147/2021-22/1042251129(1)

notice no return of income was filed by the assessee.

4. Notice u./s 142(1) of the IT Act along with questionnaire was issued on
11.10.2021 and date of compliance was fixed for 26.10.2021. In response to the
notice the assessee failed to filed his submission. Thereafter, again a notice u/s
142(1) of the IT Act was issued on 07.12.2021 and the date of compliance was
requested on or before 11.12.2021. However, the assessee again failed to furnish
any adjournment or reply in compliance to the notice. Therefore, a reminder letter
was issued on 09.12.2021 requesting him to make a compliance of notices issued
earlier. In reply, the assessee filed his reply on 04/03/2022 stating therein that-“On
receipt your notice referred here-in above, I Bollineni Dhanush Srinivas
(ASVPB7691) hereby inform that, I have no where concern in regards “Neo Alliance
Health Care & Technology Pvt Ltd”. Further to bring your kind notice that, I have no
any kind of business transaction with “Banka Group” “Mahesh Banka” in this regard.

This reply of the assessee was nowhere connected with his case. Since the
assessee failed to furnish his explanation notice u/s 142(1) were issued on
05.03.2022 and 11.03.2022 to make a compliance on 10.03.2022 and 14.03.2022
respectively. But the assessee was non responsive and kept silence.

5. Considering that the assessee has nothing to say or to explain in the matter in
order to explain the source of Investment insurance policies and other companies
during the FY 2015-16 relevant to AY 2016-17. In this case provision of section 69 of
the IT Act deals with unexplained investment. In view of this Investment in insurance
policy during the F.Y. 2015-16 relevant to the A.Y. 2016-17 for Rs. 7,09,71,000/- is
been treated as unexplained investment under section 69 of the I.T Act. And added
to the total income of the assessee.

[Penalty u/s 271(1)( c) of the IT Act 1961 is initiated for furnishing inaccurate
particulars and concealment of income.]

6. Subject to the above discussion the case of the assessee is fit for Best
Judgment Assessment as per provision of the section 144 of the IT Act 1961 on the
basis of available records.

7. After considering the facts and circumstance of the case total income of the
assessee is computed as under:

Particulars Amount (Rs.)

Total income as per ITR 3,75,600/-

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 ASVPB7691P- DHANUSH SRINIVAS BOLLINENI
A.Y. 2016-17
ITBA/AST/S/147/2021-22/1042251129(1)

Add: As discussed in para 5 7,09,71,000/-

Assessed total income 7,13,46,600/-

8. Assessed under section 144/147 r.w.s. 144B of the IT Act on a total income of
Rs. 7,13,46,600/-charged interest as per law demand notice along with copy of order
and penalty notice issued to the assessee.

This order is being passed with the prior approval of Addl. CIT (ReFAC).

Yours faithfully,
Additional / Joint / Deputy / Assistant Commissioner of Income Tax/
Income-tax Officer,
National Faceless Assessment Centre,
Delhi

Copy to:

Assessee

Yours faithfully,
Additional / Joint / Deputy / Assistant Commissioner of Income Tax/
Income-tax Officer,
National Faceless Assessment Centre,
Delhi

Signature Not Verified

Digitally signed by Vishesh
Prakash
Date: 2022.03.31 11:34:02 IST
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