https://www.taxtmi.com/caselaws?id=65852 Penalty under section 271(1)(c) is not attracted merely because the declared sale consideration for property is substituted with a higher market value for capital gains assessment. Where the assessee disclosed the sale in the return and accepted that any taxable capital gain could be assessed, concealment or furnishing of inaccurate particulars is not established unless there is evidence that extra consideration actually passed between the parties. On these facts, the absence of material showing suppression of income or receipt of additional sale proceeds meant the penalty was not exigible and stood deleted. en-us Wed, 15 Feb 1984 00:00:00 +0530 Fri, 18 Feb 2011 19:11:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65852 Penalty under section 271(1)(c) is not attracted merely because the declared sale consideration for property is substituted with a higher market value for capital gains assessment. Where the assessee disclosed the sale in the return and accepted that any taxable capital gain could be assessed, concealment or furnishing of inaccurate particulars is not established unless there is evidence that extra consideration actually passed between the parties. On these facts, the absence of material showing suppression of income or receipt of additional sale proceeds meant the penalty was not exigible and stood deleted. Case-Laws Income Tax Wed, 15 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65852