https://www.taxtmi.com/highlights?id=55779 Penalty u/s 271AAB - Section 271AAB of the Act, contemplates imposition of a penalty pursuant to the disclosure of income in statement recorded u/s. 132(4) of the Act by the assessee. It is an admitted fact that no such statement has been recorded from the assessee. Thus, on this ground also, the levy of penalty fails. - AT en-us Mon, 07 Dec 2020 10:18:52 +0530 Mon, 07 Dec 2020 10:18:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55779 Penalty u/s 271AAB - Section 271AAB of the Act, contemplates imposition of a penalty pursuant to the disclosure of income in statement recorded u/s. 132(4) of the Act by the assessee. It is an admitted fact that no such statement has been recorded from the assessee. Thus, on this ground also, the levy of penalty fails. - AT Highlights Income Tax Mon, 07 Dec 2020 10:18:52 +0530 https://www.taxtmi.com/highlights?id=55779