https://www.taxtmi.com/forum/issue?id=5102 AO reclassified declared long term capital gains from share sales as unexplained cash credit treating them as penny stocks and levied penalty under 271(1)(c). CIT(A) deleted the penalty on procedural grounds relating to initiation legality and notice deficiencies following cited precedents, leaving unresolved whether reclassification of disclosed LTCG into unexplained cash credit by itself warrants concealment penalty; matter is pending before the tribunal. en-us Wed, 26 Dec 2012 13:56:40 +0530 Thu, 23 Jan 2025 15:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=5102 AO reclassified declared long term capital gains from share sales as unexplained cash credit treating them as penny stocks and levied penalty under 271(1)(c). CIT(A) deleted the penalty on procedural grounds relating to initiation legality and notice deficiencies following cited precedents, leaving unresolved whether reclassification of disclosed LTCG into unexplained cash credit by itself warrants concealment penalty; matter is pending before the tribunal. Discussion-Forum Income Tax Wed, 26 Dec 2012 13:56:40 +0530 https://www.taxtmi.com/forum/issue?id=5102