Is Section 271AAB Penalty Mandatory? Debate on Surrendered Income Without Land Acquisition or Asset.

Is Section 271AAB Penalty Mandatory? Debate on Surrendered Income Without Land Acquisition or Asset. https://www.taxtmi.com/highlights?id=50214 Penalty u/s 271AAB - whether it is mandatory or discretionary - income surrender on account of advance for land - When there is no acquisition of land then in the absence of the corresponding asset acquired by the assessee the mere noting of the advance which is out flow of the funds cannot be held as undisclosed income. en-us Thu, 14 Nov 2019 15:02:32 +0530 Thu, 14 Nov 2019 15:02:32 +0530 TaxTMI RSS Generator Is Section 271AAB Penalty Mandatory? Debate on Surrendered Income Without Land Acquisition or Asset. https://www.taxtmi.com/highlights?id=50214 Penalty u/s 271AAB - whether it is mandatory or discretionary - income surrender on account of advance for land - When there is no acquisition of land then in the absence of the corresponding asset acquired by the assessee the mere noting of the advance which is out flow of the funds cannot be held as undisclosed income. Highlights Income Tax Thu, 14 Nov 2019 15:02:32 +0530 https://www.taxtmi.com/highlights?id=50214