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Sec. 271AAB penalty couldn't be levied just relying on entries found in loose sheets found during search proceedings

February 13, 2020[2020] 113 446 (Jaipur - Trib.)

INCOME TAX : Disclosure of additional income in statement recorded under section 132(4) itself is not sufficient to levy penalty under section 271AAB until and unless income so disclosed by assessee falls in definition of undisclosed income defined in Explanation to section 271AAB(1)
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