Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
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 purchase and sale transactions, merely put the income under the head business income, which does neither specify nor substantiates the manner in which the undisclosed income was derived by him - the statutory requirement u/s 271AAA(2) not satisfied - penalty upheld
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 purchase and sale transactions, merely put the income under the head business income, which does neither specify nor substantiates the manner in which the undisclosed income was derived by him - the statutory requirement u/s 271AAA(2) not satisfied - penalty upheld
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