Undisclosed gold stock in the books of jeweler shop

1. If the Jewellery shop had not disclosed the stock in its books of accounts it becomes an unaccounted income and subsequently, it is dealt as per sec 69B. 
2. Since you have mentioned that it is a stock, thus it becomes a part of business income which had escaped income tax.
3. An application cannot be moved u/s 132B(4) even if the nature and source of such income were explained to the satisfaction of the A.O. 
4. The value of the above stock will be taxed as per sec 115BBE at a maximum marginal rate. Followed by penalty and prosecution. 
Please correct me if the above solution has an alternative view.