https://www.taxtmi.com/highlights?id=82580 Section 271AAA(2) of the Income Tax Act mandates that for avoiding penalty, the assessee company must not only disclose undisclosed income during a statement recorded u/s 132(4) but also specify and substantiate the manner in which that income was derived. The High Court held that the assessee/appellant failed to meet these requirements, leading to the dismissal of the appeal against the levy of penalty u/s 271AAA. en-us Fri, 25 Oct 2024 08:10:06 +0530 Fri, 25 Oct 2024 08:10:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=82580 Section 271AAA(2) of the Income Tax Act mandates that for avoiding penalty, the assessee company must not only disclose undisclosed income during a statement recorded u/s 132(4) but also specify and substantiate the manner in which that income was derived. The High Court held that the assessee/appellant failed to meet these requirements, leading to the dismissal of the appeal against the levy of penalty u/s 271AAA. Highlights Income Tax Fri, 25 Oct 2024 08:10:06 +0530 https://www.taxtmi.com/highlights?id=82580