https://www.taxtmi.com/caselaws?id=214419 The Tribunal ruled in favor of the assessee in a case involving assessment of capital gains under section 50C and penalty proceedings under section 271(1)(c) for alleged concealment of income. The penalty for concealment was deemed unjustified as the additions were made based on deeming provisions without questioning document genuineness, leading to the deletion of the penalty. The Tribunal emphasized that agreeing to additions under such provisions did not amount to furnishing inaccurate particulars, resulting in the setting aside of the penalty. en-us Fri, 22 Jun 2012 00:00:00 +0530 Fri, 29 Jun 2012 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214419 The Tribunal ruled in favor of the assessee in a case involving assessment of capital gains under section 50C and penalty proceedings under section 271(1)(c) for alleged concealment of income. The penalty for concealment was deemed unjustified as the additions were made based on deeming provisions without questioning document genuineness, leading to the deletion of the penalty. The Tribunal emphasized that agreeing to additions under such provisions did not amount to furnishing inaccurate particulars, resulting in the setting aside of the penalty. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214419