No Penalty for Undisclosed Income: Section 271AAA Compliance Met Through Land Transaction Disclosure with Family Consent.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty u/s. 271AAA - undisclosed income - failure to prove the manner in which income has been earned - disclosure made with the consent of the family members and all partners - the declaration that the income was earned by the group out of land related transactions which was not previously recorded in the books is sufficient compliance - No penalty.....