https://www.taxtmi.com/highlights?id=48752 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 en-us Tue, 20 Aug 2019 08:24:56 +0530 Tue, 20 Aug 2019 08:24:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=48752 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 Highlights Income Tax Tue, 20 Aug 2019 08:24:56 +0530 https://www.taxtmi.com/highlights?id=48752