https://www.taxtmi.com/highlights?id=56666 Penalty levied under section 271AAB of the Act on cash advances - the deeming fiction so envisaged in section 69 and 69B cannot be extended and applied automatically in context of section 271AAB which contains a specific definition of undisclosed income - Levy of penalty on cash advances deleted as the same doesn’t satisfy the requirement of undisclosed income as so defined U/s 271AAB. - AT en-us Wed, 10 Feb 2021 11:58:50 +0530 Wed, 10 Feb 2021 11:58:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56666 Penalty levied under section 271AAB of the Act on cash advances - the deeming fiction so envisaged in section 69 and 69B cannot be extended and applied automatically in context of section 271AAB which contains a specific definition of undisclosed income - Levy of penalty on cash advances deleted as the same doesn’t satisfy the requirement of undisclosed income as so defined U/s 271AAB. - AT Highlights Income Tax Wed, 10 Feb 2021 11:58:50 +0530 https://www.taxtmi.com/highlights?id=56666