ITAT deletes Rs. 6 lakh penalty u/s 271D due to bonafide claim of LTCG on part of assessee

The ITAT deleted a ₹6 lakh penalty under Section 271D due to a bona fide claim of long-term capital gains (LTCG) by the assessee. The tribunal found the claim to be genuine and not an attempt to evade taxes, noting that the assessee had provided sufficient evidence to support the LTCG claim. This decision highlights the importance of assessing the merits of each case individually and ensuring that penalties are not imposed without proper justification. The ruling provides relief to the assessee and underscores the need for a balanced approach in tax penalty cases.