Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Penalty u/s.271(1)(c) OR 271AAA - unexplained cash deposits - the rate of penalty @ 200% is contemplated only u/s.271(1)(c) of the Act and not u/s.271AAA of the Act. It is elementary that the provisions of Section 271AAA and Explanation 5A to Section 271(1)(c) are distinct and separate and totally operate on two independent fields for different assessment years containing different provisions altogether. - AT
Penalty u/s.271(1)(c) OR 271AAA - unexplained cash deposits - the rate of penalty @ 200% is contemplated only u/s.271(1)(c) of the Act and not u/s.271AAA of the Act. It is elementary that the provisions of Section 271AAA and Explanation 5A to Section 271(1)(c) are distinct and separate and totally operate on two independent fields for different assessment years containing different provisions altogether. - AT
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