https://www.taxtmi.com/caselaws?id=753341 The ITAT Mumbai upheld penalty under section 271(1)(c) against an assessee who claimed bogus long-term capital gains exemption under section 10(38) on share sales. The assessee initially claimed the transaction as genuine but offered the LTCG to tax only after receiving notice under section 148, without providing supporting evidence. The tribunal found this disclosure was not voluntary but consequential to the notice, rejecting the assessee's argument that no penalty applied since returned and assessed income were identical. The penalty was confirmed and appeal dismissed. en-us Tue, 28 May 2024 00:00:00 +0530 Thu, 30 May 2024 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753341 The ITAT Mumbai upheld penalty under section 271(1)(c) against an assessee who claimed bogus long-term capital gains exemption under section 10(38) on share sales. The assessee initially claimed the transaction as genuine but offered the LTCG to tax only after receiving notice under section 148, without providing supporting evidence. The tribunal found this disclosure was not voluntary but consequential to the notice, rejecting the assessee's argument that no penalty applied since returned and assessed income were identical. The penalty was confirmed and appeal dismissed. Case-Laws Income Tax Tue, 28 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753341