Section 271AAA(2) of the Income Tax Act mandates that for...

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 u/s 132(4) but also specify and substantiate the manner in which that income was derived. The High Court held that the assessee/appellant failed to meet these requirements, leading to the dismissal of the appeal against the levy of penalty u/s 271AAA.