Quiz for the week (26 Oct 2026) :
Raghav a resident who had income from long-term capital gain of Rs.85 lakhs and bank interest admitted the same in the ITR. He omitted to admit income from let-out property and working partner salary in one LLP. He did not maintain any books of account. During assessment he admitted these incomes. There was no whisper about the non-disclosure of these omitted incomes in the assessment order. AO however levied penalty for misreporting of income for those 2 heads of income. Is it justified?
Share your thoughts on or before 02.11.2026.