Thursday, February 13, 2020

Sec. 271AAB penalty couldn't be levied just relying on entries found in loose sheets found during search proceedings

INCOME TAX : Disclosure of additional income in statement recorded under section 132(4) itself is not sufficient to levy penalty under section 271AAB until and unless income so disclosed by assessee falls in definition of undisclosed income defined in Explanation to section 271AAB(1)

from www.taxmann.com Latest Case Laws https://ift.tt/2SF7o5k
-
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...