Section 271AAA of ITA, 1961 : Section 271Aaa: Penalty Where Search Has Been Initiated

Explanation using Example

Let's consider a hypothetical scenario to understand the application of Section 271AAA of The Income-tax Act, 1961:

Mr. Sharma owns a textile business. On July 10, 2010, the Income Tax Department conducted a search operation at his business premises under Section 132. During the search, they found unaccounted cash and a hidden ledger detailing sales that were not recorded in the official books of account or disclosed to the tax authorities prior to the sear...

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