No Penalty Imposed u/s 271AAA After Assessee Explains Unrecorded Business Transactions for AY 2011-12. https://www.taxtmi.com/highlights?id=52687 Penalty levied u/s 271AAA - allegation of failure to substantiate the manner of undisclosed income derived - assessee has made it clear that additional income is being offered for A.Y 2011-12 and this income was earned as a result of various business transactions, which were not accounted for in the books of account. - No penalty. en-us Wed, 01 Apr 2020 15:36:10 +0530 Wed, 01 Apr 2020 15:36:10 +0530 TaxTMI RSS Generator No Penalty Imposed u/s 271AAA After Assessee Explains Unrecorded Business Transactions for AY 2011-12. https://www.taxtmi.com/highlights?id=52687 Penalty levied u/s 271AAA - allegation of failure to substantiate the manner of undisclosed income derived - assessee has made it clear that additional income is being offered for A.Y 2011-12 and this income was earned as a result of various business transactions, which were not accounted for in the books of account. - No penalty. Highlights Income Tax Wed, 01 Apr 2020 15:36:10 +0530 https://www.taxtmi.com/highlights?id=52687