Section 271(1)(c) unjustified on Voluntary Income Disclosure

Ajoy Sharma Vs DCIT (ITAT Jaipur) The Income Tax Appellate Tribunal (ITAT) in Jaipur recently delivered a significant judgment in the case of Ajoy Sharma vs. Deputy Commissioner of Income Tax (DCIT). The case revolves around the assessment year 2012-13, where Ajoy Sharma filed his return of income on 18th July 2014, declaring a total income of Rs. 13,87,801. However, after deductions under various sections like 80C, 80CCF, 80D, 80DD, and 80G, and claiming a loss under “Income from House Property,” the net taxable income stood at Rs. 10,58,800, with a refund claim of Rs. 54,810. The...