Educational Society Faces 10% Penalty u/s 271AAB(1)(a) for Income Explanation; No Further Proof Needed Per Sections 115BBC(2)&(3.

Educational Society Faces 10% Penalty u/s 271AAB(1)(a) for Income Explanation; No Further Proof Needed Per Sections 115BBC(2)&(3. https://www.taxtmi.com/highlights?id=52047 Penalty u/s 271AAB(1)(a) - once the assessee has explained the way in which he derived income and also the purpose for which it is utilized, it is not necessary for the assessee being an educational society to substantiate further with the source of the income received in view of section 115BBC(2) & (3) - penalty at 10% is leviable - AT en-us Fri, 28 Feb 2020 12:36:35 +0530 Fri, 28 Feb 2020 12:36:35 +0530 TaxTMI RSS Generator Educational Society Faces 10% Penalty u/s 271AAB(1)(a) for Income Explanation; No Further Proof Needed Per Sections 115BBC(2)&(3. https://www.taxtmi.com/highlights?id=52047 Penalty u/s 271AAB(1)(a) - once the assessee has explained the way in which he derived income and also the purpose for which it is utilized, it is not necessary for the assessee being an educational society to substantiate further with the source of the income received in view of section 115BBC(2) & (3) - penalty at 10% is leviable - AT Highlights Income Tax Fri, 28 Feb 2020 12:36:35 +0530 https://www.taxtmi.com/highlights?id=52047