Taxpayer Penalized u/s 271AAA for Failing to Substantiate Undisclosed Income; Surrender Attempt Denied Benefits.

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 - when the assessee has failed to specify the manner and substantiate the manner in which the undisclosed income was derived rather embark upon the mercy plea that he is making surrender to buy peace of mind and avoid litigation - not entitled for the benefit of section 271AAA(2)....