https://www.taxtmi.com/highlights?id=45981 Penalty u/s 271AAB - an advance represents an outflow of funds and what has been envisaged by the legislature while defining “undisclosed income” in section 271AAB is an inflow of funds which has not been recorded in the books of accounts or other documents on or before the date of search - not falling under explanation to section 271AAB - no penalty leviable en-us Fri, 19 Apr 2019 08:33:50 +0530 Fri, 19 Apr 2019 08:33:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=45981 Penalty u/s 271AAB - an advance represents an outflow of funds and what has been envisaged by the legislature while defining “undisclosed income” in section 271AAB is an inflow of funds which has not been recorded in the books of accounts or other documents on or before the date of search - not falling under explanation to section 271AAB - no penalty leviable Highlights Income Tax Fri, 19 Apr 2019 08:33:50 +0530 https://www.taxtmi.com/highlights?id=45981