https://www.taxtmi.com/caselaws?id=406381 The Tribunal allowed the appeal and deleted the penalty imposed under section 271AAA, emphasizing the lack of undisclosed income discovery and the ad-hoc nature of the addition based on gross profit estimation. The decision favored the assessee, highlighting the reasonable explanation provided for the stock discrepancy and the absence of direct evidence of undisclosed income, leading to the penalty deletion. en-us Mon, 12 Apr 2021 00:00:00 +0530 Mon, 12 Apr 2021 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406381 The Tribunal allowed the appeal and deleted the penalty imposed under section 271AAA, emphasizing the lack of undisclosed income discovery and the ad-hoc nature of the addition based on gross profit estimation. The decision favored the assessee, highlighting the reasonable explanation provided for the stock discrepancy and the absence of direct evidence of undisclosed income, leading to the penalty deletion. Case-Laws Income Tax Mon, 12 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406381