Recorded & Verifiable LTCG Share Transactions Cannot Be Treated as Undisclosed Income

Vasudev Agrawal Vs DCIT (ITAT Jaipur) The two cross appeals arise from the order of the CIT(A)-2, Udaipur, dated 5 October 2018, concerning penalty under section 271AAB for Assessment Year 2015-16. The assessee, an individual belonging to the Kota Dall Mill Group, filed the original return under section 139(1) declaring income of ₹11,80,51,650, including ₹10,78,04,733 surrendered as Long Term Capital Gain (LTCG). After a search on 2 July 2015, a notice under section 153A was issued, and the assessee filed a return declaring income of ₹11,98,51,650, including ₹10,96,04,733 admitted duri...