No Penalty Imposed u/s 271AAA After Assessee Explains Unrecorded Business Transactions for AY 2011-12.

Penalty levied u/s 271AAA - allegation of failure to substantiate the manner of undisclosed income derived - assessee has made it clear that additional income is being offered for A.Y 2011-12 and this income was earned as a result of various business transactions, which were not accounted for in the books of account. - No penalty. .....

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