The Income Tax Appellate Tribunal (ITAT) of Jaipur bench has recently held that, no penalty shall be levied under Section 271(1)(c) of Income Tax Act 1961 on payment received on sale of penny stock shares. Assessee Rajesh Kumar Agarwal filed his return on 29.11.2012 declaring total income of Rs. 18,84,340/. The assessment was reopened after…
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