Penalty U/s. 271AAB justified on return filed after issue of notice U/s. 142(1)

Sonal Steels Trading Pvt. Ltd Vs ACIT (ITAT Chennai)

Here admittedly, assessee was not maintaining any books. There was thus no question of recording any money, bullion, jewellery or any entry in any books. It is not disputed that assessee had not disclosed any receipts from bill trading before the date of search to the Revenue. Assessee had in the statement recorded u/s.132(4) of the Act accepted accommodation bill trading done by it with M/s. BGR Energy Systems Ltd and earning of 0.25% commission. Claim of the assessee is

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