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No sec. 271AAA penalty where assessee had admitted undisclosed income and discharged tax and interest thereon

May 28, 2020[2020] 115 291 (Gujarat)/[2020] 420 ITR 308 (Gujarat)

INCOME TAX : Where Assessing Officer levied penalty under section 271AAA upon assessee company for not substantiating manner in which undisclosed income was earned, since director of assessee company had made statement that undisclosed income was earned out of booking/selling shops and assessee had also paid due tax along with interest on said income, impugned penalty was unjustified
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