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Income Tax - Highlights / Catch Notes

Home Highlights June 2018 Year 2018 This

Penalty u/s. 271AAA - assessee is not at fault for ...

Income Tax

June 4, 2018

Penalty u/s. 271AAA - assessee is not at fault for substantiating the manner for earning the undisclosed income, in the absence of any specific query raised by the Authorised Officer while recording statement u/s. 132(4) - No penalty - AT

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  1. Levy of penalty u/s 271AAA - Defective notice - the Assessing Officer has not confronted the assessee to substantiate the manner in which the additional income was...

  2. Penalty u/s 271AAA - defective notice - if there is no clarity in the stand of the Revenue for initiation of penalty u/s 271AAA, whether it is for failure of the...

  3. Penalty u/s 271AAA(2) - assessee has admitted to have earned unaccounted commission income during the course of search proceedings - he has paid due taxes along with...

  4. Penalty u/s 271AAA - assessee was asked to explain the entries in the 'work-in-progress sheet' - assessee was not asked about the manner in which such income was earned...

  5. Penalty u/s 271AAA - undisclosed income - During the assessment proceedings, the assessee substantiated the manner in which the said income was derived through...

  6. Penalty u/s 271AAA(2) - specification the manner of undisclosed income and substantiated the manner in which the income was derived - no such query at the time of...

  7. Penalty u/s 271AAA - when the assessee has failed to specify the manner and substantiate the manner in which the undisclosed income was derived rather embark upon the...

  8. 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...

  9. Penalty levied u/s 271AAA - the assessee in the instant case has surrendered additional income and paid the taxes due thereon and no specific query was raised by the...

  10. Penalty u/s 271 AAA - source and manner in which the undisclosed income was derived - where no statement u/s 132(2) of the Act is recorded or specific query is made...

 

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