No Penalty Imposed u/s 271AAA Due to Non-fulfillment of Conditions for Undisclosed Income Admission. https://www.taxtmi.com/highlights?id=42833 The penalty u/s 271AAA could be levied in specified previous year in respect of the undisclosed income unless admitted in a statement u/s 132(4) and specified the manner in which income is derived and the manner has to be substantiated - Since all the conditions are not fulfilled, no penalty. en-us Fri, 23 Nov 2018 09:38:07 +0530 Fri, 23 Nov 2018 09:38:07 +0530 TaxTMI RSS Generator No Penalty Imposed u/s 271AAA Due to Non-fulfillment of Conditions for Undisclosed Income Admission. https://www.taxtmi.com/highlights?id=42833 The penalty u/s 271AAA could be levied in specified previous year in respect of the undisclosed income unless admitted in a statement u/s 132(4) and specified the manner in which income is derived and the manner has to be substantiated - Since all the conditions are not fulfilled, no penalty. Highlights Income Tax Fri, 23 Nov 2018 09:38:07 +0530 https://www.taxtmi.com/highlights?id=42833