Voluntary disclosure of LTCG under IDS Scheme: ITAT deletes Penalty

Sanchit Vinod Jain Vs National Faceless Assessment Centre (ITAT Mumbai) Sanchit Vinod Jain filed an appeal against the order that confirmed the AO’s (Assessing Officer) decision to impose a penalty under section 271(1)(c) of the Income Tax Act, 1961. This penalty, amounting to Rs.11,088, arose due to discrepancies between the assesse’s reported income and the assessed value. Transaction Scrutiny: The AO observed an investment in the penny stock scrip of M/s Sun Asian during assessment proceedings. Upon further examination, a transaction was detected where the assessee sold 2800 sha...