Penalty levied under section 271AAB of the Act on cash advances ...

Income Tax

February 10, 2021

Penalty levied under section 271AAB of the Act on cash advances - the deeming fiction so envisaged in section 69 and 69B cannot be extended and applied automatically in context of section 271AAB which contains a specific definition of undisclosed income - Levy of penalty on cash advances deleted as the same doesn’t satisfy the requirement of undisclosed income as so defined U/s 271AAB. - AT

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Penalty levied under section 271AAB of the Act on cash advances ...

Income Tax

February 10, 2021

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