Income from trading in commodities was offered to tax and accepted by AO as income from other sources. It was held that such income was entered in the other documents maintained in the normal course, which document was retrieved during the search process. Such income therefore, cannot be termed as undisclosed income and cannot be a subject matter of penalty. (AY. 2013-14)
Dy. CIT v. Subhas Chandra Agarwala and Sons (HUF) (2018) 65 ITR 18 (Kol.)(Trib.)
S 271AAB : Penalty – Search cases – commodity profits – sum entered in the other documents maintained in normal course and retrieved during search – Held, not undisclosed income – Held, no penalty can be levied.