https://www.taxtmi.com/caselaws?id=764217 ITAT Chennai held that penalty u/s 271(1)(c) matter required fresh adjudication. Assessee earned LTCG and STCG on share sales with initial STCG computed at Rs. 52.10 crores, later rectified to Rs. 40.33 crores with final tax demand of Rs. 1.45 crores. CIT(A) deleted penalty citing SC precedent without considering revenue's arguments or assessee's alternative submissions. ITAT set aside CIT(A)'s order, noting assessee failed to reflect transactions in ITR despite primary obligation to compute correct taxes, and restored penalty issue for de novo adjudication by CIT(A). en-us Tue, 31 Dec 2024 00:00:00 +0530 Mon, 06 Jan 2025 08:42:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764217 ITAT Chennai held that penalty u/s 271(1)(c) matter required fresh adjudication. Assessee earned LTCG and STCG on share sales with initial STCG computed at Rs. 52.10 crores, later rectified to Rs. 40.33 crores with final tax demand of Rs. 1.45 crores. CIT(A) deleted penalty citing SC precedent without considering revenue's arguments or assessee's alternative submissions. ITAT set aside CIT(A)'s order, noting assessee failed to reflect transactions in ITR despite primary obligation to compute correct taxes, and restored penalty issue for de novo adjudication by CIT(A). Case-Laws Income Tax Tue, 31 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764217