Red Diary Cash Advances Not Undisclosed Income u/s 271AAB; No Penalty Imposed for Non-Tangible Assets.
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....Penalty U/s 271AAB - red diary found in search, wherein there are notings relating to cash advances given - as per the definition of undisclosed income u/s 271AAB, the said cash advance cannot be stated to be income which is represented by any money, bullion, jewellery or other valuable article or thing - no penalty....


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