TMI BlogThe penalty u/s 271AAA could be levied in specified previous year in respect of the undisclosed income...The penalty u/s 271AAA could be levied in specified previous year in respect of the undisclosed income unless admitted in a statement u/s 132(4) and specified the manner in which income is derived and the manner has to be substantiated - Since all the conditions are not fulfilled, no penalty. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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