Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty ...

Income Tax

November 4, 2022

Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty of 30% on undisclosed income - the reasons given by the AO to levy 30% penalty on undisclosed income is not backed by cogent reasons, because clause (c) of section 271AAB is applicable, if assessee does not admit undisclosed income in the statement recorded u/s. 132(4) and also not declared said income in the return of income furnished within the specified period and pays the tax altogether with interest, if any, in respect of the undisclosed income. - AT

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Penalty levied by the AO u/s. 271AAB r.w.s. 274 - levy penalty ...

Income Tax

November 4, 2022

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