https://www.taxtmi.com/caselaws?id=754534 ITAT Kolkata set aside penalty order u/s 271(1)(c) regarding bogus long term capital gain u/s 10(38). The assessee disclosed all facts about capital gain from share sales and offered income to tax through revised computation after reassessment notice u/s 148. AO failed to record specific satisfaction regarding whether penalty was for concealment or inaccurate particulars, issuing unclear notice. Following Chetan Kumar Tekriwal (HUF) and Reliance Petroproducts precedents, ITAT held that full disclosure in return precludes penalty liability even if disclosures are unacceptable to revenue. AO could not demonstrate false claims during proceedings. Penalty deleted in favor of assessee. en-us Mon, 24 Jun 2024 00:00:00 +0530 Wed, 26 Jun 2024 08:30:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754534 ITAT Kolkata set aside penalty order u/s 271(1)(c) regarding bogus long term capital gain u/s 10(38). The assessee disclosed all facts about capital gain from share sales and offered income to tax through revised computation after reassessment notice u/s 148. AO failed to record specific satisfaction regarding whether penalty was for concealment or inaccurate particulars, issuing unclear notice. Following Chetan Kumar Tekriwal (HUF) and Reliance Petroproducts precedents, ITAT held that full disclosure in return precludes penalty liability even if disclosures are unacceptable to revenue. AO could not demonstrate false claims during proceedings. Penalty deleted in favor of assessee. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754534