https://www.taxtmi.com/caselaws?id=759574 ITAT Delhi dismissed Revenue's appeal against deletion of penalty u/s 271AAB. The assessee disclosed LTCG in return which was taxable income, not undisclosed income under Section 271AAB. The penalty provision requires admission of undisclosed income during search proceedings u/s 132(4), which was absent. The transactions were conducted through banking channels with advance tax paid before search. ITAT held that taxable LTCG cannot be treated as undisclosed income, and prerequisites of Section 271AAB(1A) were not satisfied. The decision was supported by precedent in identical circumstances involving assessee's family member. en-us Mon, 30 Sep 2024 00:00:00 +0530 Fri, 04 Oct 2024 08:19:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759574 ITAT Delhi dismissed Revenue's appeal against deletion of penalty u/s 271AAB. The assessee disclosed LTCG in return which was taxable income, not undisclosed income under Section 271AAB. The penalty provision requires admission of undisclosed income during search proceedings u/s 132(4), which was absent. The transactions were conducted through banking channels with advance tax paid before search. ITAT held that taxable LTCG cannot be treated as undisclosed income, and prerequisites of Section 271AAB(1A) were not satisfied. The decision was supported by precedent in identical circumstances involving assessee's family member. Case-Laws Income Tax Mon, 30 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759574