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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Penalty u/s 271AAA - sum surrendered in statement recorded u/s ...


Penalty Imposed u/s 271AAA for Failure to Specify Manner of Undisclosed Income After Search Statement.

August 5, 2019

Case Laws     Income Tax     AT

Penalty u/s 271AAA - sum surrendered in statement recorded u/s 132(4) during the search - since assessee cannot be said to have not satisfied the condition of specifying the manner of deriving undisclosed income as per section 271AAA, he cannot escape the penalty

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  3. Penalty u/s 271AAA - defective notice - if there is no clarity in the stand of the Revenue for initiation of penalty u/s 271AAA, whether it is for failure of the...

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  8. 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...

  9. 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...

  10. Penalty u/s 271AAA - assessee in statement u/s 132(4) stated that he is dealing in land, therefore, the cash balance available with him was generated due to various...

  11. Penalty u/s 271AAA - undisclosed income - During the assessment proceedings, the assessee substantiated the manner in which the said income was derived through...

  12. 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...

  13. Penalty levied u/s 271AAB - Undisclosed income - Assessee has neither made any surrender of any undisclosed income during the search action nor the penalty has been...

  14. Penalty u/s 271AAA(2) - specification the manner of undisclosed income and substantiated the manner in which the income was derived - no such query at the time of...

  15. Penalty u/s 271AAA - There will not be any penalty to the extent of undisclosed income admitted during search - immunity available under sub-clause (2) of section 271AAA

 

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