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TMI BlogConcealment penalty due to penny stocks.X X X X Extracts X X X X X X X X Extracts X X X X ..... The assessee submitted LTCG from shares in his return. The AO treated the same as penny stock and treated the LTCG as unexplained cash credit. The CIT(A) upheld the same. Matter is in ITAT pending. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O levied penalty u/s 271(1)(c) . Before CIT(A), assessee contention is that after LTCG was shown, hence withut prejudice, it is only change of heading from LTCG to unexplaine dcash credit. No additio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in terms of quantum is made. Can concealment penalty be made. Cases relied upon are Reliance Petro products - Reply By MARIAPPAN GOVINDARAJAN - The Reply = Whether you have got clarified in the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id issue? If not please inform. - Reply By RAJESH SANGHVI - The Reply = The CIT(A) deleted the penalty u/s 271(1)(c) NOT due to change of heading in Penny stocks case but due to issue of legalit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of Initiation, notice deficiency u/s 274 , initiated due to concealment and levied due to inaccurate particulars following Manjunatha Judgement karnataka HC and Samson Perinchery judgement Mum ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T. So the change of heads issue in penny stocks is unaddressed - Concealment penalty due to penny stocks. - Query Started By: - RAJESH SANGHVI Dated:- 26-12-2012 Income Tax - Got 2 Replies - Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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