Penalty u/s 271AAB - an advance represents an outflow of funds ...

No Penalty u/s 271AAB for Advances: Not Considered Undisclosed Income as Per Income Tax Act Definition.

April 19, 2019

Case Laws Income Tax AT

Penalty u/s 271AAB - an advance represents an outflow of funds and what has been envisaged by the legislature while defining “undisclosed income” in section 271AAB is an inflow of funds which has not been recorded in the books of accounts or other documents on or before the date of search - not falling under explanation to section 271AAB - no penalty leviable

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Penalty u/s 271AAB - an advance represents an outflow of funds ...

No Penalty u/s 271AAB for Advances: Not Considered Undisclosed Income as Per Income Tax Act Definition.

April 19, 2019

Case Laws Income Tax AT

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