Documented LTCG on Listed Shares Not ‘Undisclosed Income’ for 271AAB Penalty

Smt. Aparna Agrawal Vs DCIT (ITAT Jaipur) The case of Rajendra Agrawal vs. DCIT (ITAT Jaipur) involves two cross-appeals concerning the penalty imposed under section 271AAB of the Income Tax Act, 1961, for the assessment year 2015-16. The assessee, an individual associated with the Kota Dall Mill Group, filed his income tax return on 30 August 2015 declaring a total income of ₹12.01 crore, which included surrendered income of ₹10.87 crore on account of Long Term Capital Gains (LTCG) and commission charges of ₹9,000. The Assessing Officer (AO) completed the assessment under sections 143(3...