Allowing the appeal of the assessee the Tribunal held that possession of undisclosed jewellery is not undisclosed income. Penalty not leviable. (AY.2015-16)
Shiv Bhagwan Gupta v. ACIT (2021) 87 ITR 93 / 211 TTJ 111 / 200 DTR 65 (SMC) (Pat.)(Trib.)
S. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-Undisclosed income-Possession of undisclosed jewellery not undisclosed income-Penalty not leviable. [S. 132]