Penalty u/s 271AAA Overturned: Assessee Successfully Substantiates Income Source with Documentation.

Penalty u/s 271AAA Overturned: Assessee Successfully Substantiates Income Source with Documentation. https://www.taxtmi.com/highlights?id=66496 Penalty u/s 271AAA - undisclosed income - During the assessment proceedings, the assessee substantiated the manner in which the said income was derived through confirmations, bank statements, tax credit statements, third party ledger confirmations. So per se, Section 271AAA cannot be invoked in the present case. Thus, order under Section 271AAA related to penalty does not survive. - AT en-us Fri, 11 Nov 2022 22:01:02 +0530 Fri, 11 Nov 2022 22:01:02 +0530 TaxTMI RSS Generator Penalty u/s 271AAA Overturned: Assessee Successfully Substantiates Income Source with Documentation. https://www.taxtmi.com/highlights?id=66496 Penalty u/s 271AAA - undisclosed income - During the assessment proceedings, the assessee substantiated the manner in which the said income was derived through confirmations, bank statements, tax credit statements, third party ledger confirmations. So per se, Section 271AAA cannot be invoked in the present case. Thus, order under Section 271AAA related to penalty does not survive. - AT Highlights Income Tax Fri, 11 Nov 2022 22:01:02 +0530 https://www.taxtmi.com/highlights?id=66496