Section 271AAB Penalty Not Leviable on Fully Recorded, Documented LTCG

Rajendra Agrawal Vs DCIT (ITAT Jaipur) These cross appeals before the Jaipur Bench of the Income Tax Appellate Tribunal concern the order of the Commissioner of Income Tax (Appeals)-2, Udaipur, dated 5 October 2018, arising from a penalty imposed under section 271AAB of the Income Tax Act for assessment year 2015-16. The assessee, an individual belonging to the Kota Dall Mill Group, filed his return under section 139(1) declaring income of ₹12,01,09,200, including surrendered long-term capital gains (LTCG) of ₹10,87,68,470 and commission income. Assessment was completed under section 143(3...