Voluntary Income Disclosure in ITR Does Not Attract Section 271(1)(c) Penalty: ITAT Jaipur

Advertisement Mohd Kasim Khilji Vs ITO (ITAT Jaipur) The ITAT Jaipur considered an appeal against the order of the National Faceless Appeal Centre (NFAC) dated 11.10.2025 confirming the levy of penalty under Section 271(1)(c) of the Income-tax Act, 1961. The penalty related to Long Term Capital Gain (LTCG) of ₹8,60,275, which had not been disclosed in the original return filed under Section 139 but was subsequently disclosed through a revised computation during reassessment proceedings initiated under Section 147. In response to a notice issued under Section 148, the assessee filed a retu...