Penalty u/s 271AAA - undisclosed income - During the assessment ...

Penalty u/s 271AAA Overturned: Assessee Successfully Substantiates Income Source with Documentation.

November 11, 2022

Case Laws Income Tax AT

Penalty u/s 271AAA - undisclosed income - During the assessment proceedings, the assessee substantiated the manner in which the said income was derived through confirmations, bank statements, tax credit statements, third party ledger confirmations. So per se, Section 271AAA cannot be invoked in the present case. Thus, order under Section 271AAA related to penalty does not survive. - AT

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Penalty u/s 271AAA - undisclosed income - During the assessment ...

Penalty u/s 271AAA Overturned: Assessee Successfully Substantiates Income Source with Documentation.

November 11, 2022

Case Laws Income Tax AT

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