Section 271AAC of Income Tax Act

The proviso to section 271AAC provides that no penalty shall be levied in respect of incomes referred to in the specified sections to the extent such income has been included by the assessee in the return of income furnished u/s. 139 and tax in accordance with the provisions of 115BEE(1) (i) has been paid on or before the end of the relevant previous year. (a) whether the benefit of the proviso will be available in a case where the income shown as turnover by the assessee is treated as unexplained by the assessing officer during the assessment and addition is…

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