Penalty u/s 271AAB Not Applicable: Stock Valuation Discrepancy Not Undisclosed Income.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Penalty u/s 271AAB - difference in stock of goods as per books and as found at the time of search is on account of valuation of such stock at the market value instead of cost and the same cannot be a basis to hold that it represent undisclosed income so defined in explanation to section 271AAB - AT....