Penalty Upheld for Assessee u/s 271AAA Due to Failure to Substantiate Undisclosed Income Origin from Land Deals.

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 - assessee in statement u/s 132(4) stated that he is dealing in land, therefore, the cash balance available with him was generated due to various purchase and sale transactions, merely put the income under the head business income, which does neither specify nor substantiates the manner in which the undisclosed income was derived by him - the statutory requirement u/s 271AAA(2) not satisfied - penalty upheld....