Penalty Confirmed for Non-Compliance with Section 44AB: Entire Receipt Reported as Income Without Deductions or Expenditures.

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....Penalty u/s. 271B - Non compliance to provisions of section 44AB - assessee has shown entire receipt as income - We are unable to see any safeguard in the said provisions in a situation when the assessee has shown entire income/receipts without claiming any expenditure or deduction - Penalty confirmed. - AT....