High Court Overturns Lower Court Ruling: Misapplication of Section 271AAA on Unaccounted Income Penalty Exemption.

Penalty u/s 271AAA - disclosure of unaccounted income during search - assessee did not specify how she derived that income and what head it fell in (rent, capital gain, professional or business income out of money lending, source of the money etc) - the lower appellate authorities misdirected themselves in holding that the conditions in Section 271AAA (2) were satisfied by the assessee. - HC .....

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