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 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 271AAB. It was h...