Tag: undisclosed income

Penalty u/s 271AAA-what constitutes substantiating how undisclosed income was derived-High Court explains prerequisites of statement u/s 132(4) to avert penalty ABCAUS Case Law Citation: ABCAUS 2247 (2018) (03) HC The Revenue was aggrieved by the order of the ITAT in deleting the penalty u/s 271AAA of the Income …

Mere not recording of transactions not make them undisclosed if entries are otherwise verifiable from other primary books. High Court upheld ITAT judgment ABCAUS Case Law Citation: ABCAUS 2142 (2017) (12) HC The Challenge/Grievance: The instant appeal was filed by the Income Tax Department (the Revenue/Department) against the …