Assessee earned long-term and short-term capital gains on share ...

Appellate Authority Reassesses Tax Penalty on Short-Term Capital Gains; Tribunal Calls for CIT(A) Review.

January 6, 2025

Case Laws Income Tax AT

Assessee earned long-term and short-term capital gains on share transactions. Tax demand of Rs. 1.45 crores was finally raised on recomputed short-term capital gains of Rs. 40.33 crores. CIT(A) deleted penalty levied u/s 271(1)(c) without considering arguments and precedents. ITAT set aside CIT(A)'s order and restored penalty issue for de novo adjudication by CIT(A).

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Assessee earned long-term and short-term capital gains on share ...

Appellate Authority Reassesses Tax Penalty on Short-Term Capital Gains; Tribunal Calls for CIT(A) Review.

January 6, 2025

Case Laws Income Tax AT

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