https://www.taxtmi.com/caselaws?id=763760 ITAT Raipur held that penalty under Section 271(1)(c) was not imposable where assessee initially claimed exemption under Section 10(38) for share sale but voluntarily paid tax three years before reassessment notice under Section 148. The voluntary payment demonstrated bonafides and fell within Explanation-1(B) protection. Additionally, since no addition or disallowance was made during reassessment proceedings and income was accepted by AO, penalty provisions were not applicable. The Tribunal relied on precedents including Renu Behl and Puspendra Surana cases with similar facts. Appeal decided in favor of assessee. en-us Thu, 19 Dec 2024 00:00:00 +0530 Thu, 26 Dec 2024 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763760 ITAT Raipur held that penalty under Section 271(1)(c) was not imposable where assessee initially claimed exemption under Section 10(38) for share sale but voluntarily paid tax three years before reassessment notice under Section 148. The voluntary payment demonstrated bonafides and fell within Explanation-1(B) protection. Additionally, since no addition or disallowance was made during reassessment proceedings and income was accepted by AO, penalty provisions were not applicable. The Tribunal relied on precedents including Renu Behl and Puspendra Surana cases with similar facts. Appeal decided in favor of assessee. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763760