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Case Law Details

Case Name : Sanchit Vinod Jain Vs National Faceless Assessment Centre (ITAT Mumbai)
Related Assessment Year : 2014-15
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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

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