Section 271AAB Penalty justified if surrendered stock was unaccounted

M/s Royal Lifestyle Jewellers Pvt. Ltd Vs DCIT (ITAT Chandigarh)

Conclusion:

Penalty under section 271AAB was justified as the surrender had been made on account of discrepancy /shortage in stock which had not been accounted for by assessee and the same was therefore rightly been held to qualify as “ undisclosed income” as per the definition in section 271AAB.

Held:

During the course of search, assessee had

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