Penalty of 30% on Undisclosed Income Upheld After Assessee's Admission u/s 132(4) of Income Tax Act.

Penalty of 30% on Undisclosed Income Upheld After Assessee's Admission u/s 132(4) of Income Tax Act. https://www.taxtmi.com/highlights?id=60319 Penalty proceedings u/s.271AAB - In this case, the assessee has admitted undisclosed income in the statement recorded u/s.132(4) of the Act and substantiates the manner in which undisclosed income was derived. Therefore, we are of the considered view that reasons given by the Assessing Officer to levy penalty of 30% of undisclosed income is in accordance with law - AT en-us Sat, 30 Oct 2021 18:18:39 +0530 Sat, 30 Oct 2021 18:18:39 +0530 TaxTMI RSS Generator Penalty of 30% on Undisclosed Income Upheld After Assessee's Admission u/s 132(4) of Income Tax Act. https://www.taxtmi.com/highlights?id=60319 Penalty proceedings u/s.271AAB - In this case, the assessee has admitted undisclosed income in the statement recorded u/s.132(4) of the Act and substantiates the manner in which undisclosed income was derived. Therefore, we are of the considered view that reasons given by the Assessing Officer to levy penalty of 30% of undisclosed income is in accordance with law - AT Highlights Income Tax Sat, 30 Oct 2021 18:18:39 +0530 https://www.taxtmi.com/highlights?id=60319