Penalty u/s 271AAB - mandatory levy of penalty on surrender of ...

Penalty u/s 271AAB: Stock Valuation Differences Not Classified as Undisclosed Income; No Mandatory Penalty for Valuation Discrepancies.

August 13, 2020

Case Laws Income Tax AT

Penalty u/s 271AAB - mandatory levy of penalty on surrender of undisclosed income - it is clear that difference in stock of goods as per books and as found at the time of search is on account of valuation of such stock at the market value instead of cost and the same cannot be a basis to hold that it represent undisclosed income so defined in explanation to section 271AAB - AT

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Penalty u/s 271AAB - mandatory levy of penalty on surrender of ...

Penalty u/s 271AAB: Stock Valuation Differences Not Classified as Undisclosed Income; No Mandatory Penalty for Valuation Discrepancies.

August 13, 2020

Case Laws Income Tax AT

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