Section 271AAA(2) of the Income Tax Act mandates that for ...

Company penalized for not providing satisfactory details on source of undisclosed income during tax raid.

October 25, 2024

Case Laws Income Tax HC

Section 271AAA(2) of the Income Tax Act mandates that for avoiding penalty, the assessee company must not only disclose undisclosed income during a statement recorded u/s 132(4) but also specify and substantiate the manner in which that income was derived. The High Court held that the assessee/appellant failed to meet these requirements, leading to the dismissal of the appeal against the levy of penalty u/s 271AAA.

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Section 271AAA(2) of the Income Tax Act mandates that for ...

Company penalized for not providing satisfactory details on source of undisclosed income during tax raid.

October 25, 2024

Case Laws Income Tax HC

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