Penalty levied u/s 271AAB - assessee in the return of income has ...

Penalty u/s 271AAB Invalid Due to Lack of Business Income and No Disclosure Requirement for Undisclosed Jewellery Income.

February 18, 2021

Case Laws Income Tax AT

Penalty levied u/s 271AAB - assessee in the return of income has disclosed income on account of undisclosed jewellery - The assessee has neither earned any business income nor earned any income exceeding ₹ 50 lakhs so as to require mandatory filing of personal assets and liabilities or to maintain books of accounts; even the assessee is not required to otherwise disclose any such income before the date of search - Levy of penalty 271AAB is not valid - AT

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Penalty levied u/s 271AAB - assessee in the return of income has ...

Penalty u/s 271AAB Invalid Due to Lack of Business Income and No Disclosure Requirement for Undisclosed Jewellery Income.

February 18, 2021

Case Laws Income Tax AT

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