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| The Tax Publishers2019 TaxPub(DT) 4325 (Jp-Trib) INCOME TAX ACT, 1961
Section 271AAB
There was no irregularity found in books of account so far as stock of raw material was concerned. Hence, even if some purchases were made in cash however, stock being duly recorded in the books of account, income surrendered by assessee during search could not be treated as 'undisclosed income' within the meaning as defined in Explanation to section 271AAB.
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Penalty under section 271AAB - Leviability - Payment made in cash for purchase of raw material surrendered during search - No irregularity found in books of account as regards stock of raw material
During the course of search assessee admitted payment made in cash for purchase of raw material. AO treated the same as undisclosed income within the meaning of Explanation to section 271AAB and accordingly levied penalty.Held: There was no irregularity found in books of account so far as stock of raw material was concerned. Hence, even if some purchases were made in cash, however, stock being duly recorded in the books of account, income surrendered by assessee during search could not be treated as 'undisclosed income' within the meaning as defined in Explanation to section 271AAB.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2013-14
IN THE ITAT, JAIPUR BENCH
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