If the assessee has made the necessary entries in the books of account and also indicated the income in its audit report then no penalty can be levied. (AY. 2013-2014)
Dy. CIT v. Rajgaria Timbers P. Ltd. (2019) 74 ITR 36 (SN) (Kol.)(Trib.)
S. 271AAB : Penalty-Search initiated on or after 1st day of July 2012-Entries in the books of account–No penalty can be levied. [S. 2(12A)]