Addition towards undisclosed income sustained as incriminating material found during search not explained

Rajendra Agarwal Vs ACIT (ITAT Jaipur) ITAT Jaipur held that addition towards undisclosed income rightly sustained since assessee failed to explain the incriminating material found during the course of search. Penalty under section 271AAB too sustained. Facts- The assessee runs a proprietorship concern, under the name and style of M/s D.K. & Company, while engaged in the business of trading of TT bars and also manufacturing gold and silver jewellery items. In the course of search, two documents are stated to have been recovered from the residential premises. On completion of the assessment...