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Section 271AAB Penalty justified if surrendered stock was unaccounted
Case Law Details
- Case Name
- M/s Royal Lifestyle Jewellers Pvt. Ltd Vs DCIT (ITAT Chandigarh)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Chandigarh
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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 admitted and surrendered undisclosed income of Rs. 2,83,00,000/- in the statement recorded on oath u/s 132{4). AO initiated penalty proceedings on the said income u/s...
