Allowing the appeal of the revenue the Tribunal held that ; failure to record profits derived from commodity trading in books of account seized in the course of search, levy of penalty is automatic in nature . ( AY. 2013-14)
DCIT v. Amit Agarwal. (2018) 168 ITD 370 (Kol) (Trib.)
S. 271AAB:Peanlty -Failure to maintain books of account -Undisclosed income – Levy of penalty is automatic in nature [ S.44AA]