https://www.taxtmi.com/caselaws?id=456295 ITAT Raipur upheld CIT(A)'s deletion of penalty u/s 271(1)(c) regarding bogus LTCG on penny stock transactions. The assessee had disclosed LTCG on sale of shares in response to notice u/s 148. Since the assessee offered the income in the return and AO failed to establish concealment of income, penalty u/s 271(1)(c) was not sustainable. Appeal decided against revenue. en-us Mon, 11 Dec 2023 00:00:00 +0530 Sat, 13 Jul 2024 21:06:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456295 ITAT Raipur upheld CIT(A)'s deletion of penalty u/s 271(1)(c) regarding bogus LTCG on penny stock transactions. The assessee had disclosed LTCG on sale of shares in response to notice u/s 148. Since the assessee offered the income in the return and AO failed to establish concealment of income, penalty u/s 271(1)(c) was not sustainable. Appeal decided against revenue. Case-Laws Income Tax Mon, 11 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456295