https://www.taxtmi.com/caselaws?id=387958 The Tribunal upheld the decision that the excess stock found during the search operation was not "undisclosed income" as it was already recorded in the books before the search. The penalty imposed under Section 271AAB of the Income-tax Act was deemed inappropriate and deleted, as the stock was identified through internal audit and accounted for in the books prior to the search. The stock inspection reports prepared by the internal team were considered regular business documents, further supporting the conclusion that the excess stock did not constitute undisclosed income. en-us Thu, 31 Oct 2019 00:00:00 +0530 Tue, 05 Nov 2019 15:45:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387958 The Tribunal upheld the decision that the excess stock found during the search operation was not "undisclosed income" as it was already recorded in the books before the search. The penalty imposed under Section 271AAB of the Income-tax Act was deemed inappropriate and deleted, as the stock was identified through internal audit and accounted for in the books prior to the search. The stock inspection reports prepared by the internal team were considered regular business documents, further supporting the conclusion that the excess stock did not constitute undisclosed income. Case-Laws Income Tax Thu, 31 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387958