https://www.taxtmi.com/caselaws?id=329905 The appellant, engaged in construction business, initially did not declare short term capital gains from a development agreement in the original return for the assessment year 2009-10. After a survey revealed undeclared income, the appellant revised the return to disclose the capital gains. The Assessing Officer accepted the revised return, but initiated penalty proceedings for alleged concealment of income. The Tribunal ultimately canceled the penalty, ruling that the voluntary disclosure in the revised return, along with submission of relevant documents, demonstrated no concealment. The Tribunal's decision aligned with judicial precedents emphasizing complete disclosure and the timing of charging capital gains based on receipt of sale consideration. en-us Fri, 10 Jun 2016 00:00:00 +0530 Tue, 12 Jul 2016 12:07:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329905 The appellant, engaged in construction business, initially did not declare short term capital gains from a development agreement in the original return for the assessment year 2009-10. After a survey revealed undeclared income, the appellant revised the return to disclose the capital gains. The Assessing Officer accepted the revised return, but initiated penalty proceedings for alleged concealment of income. The Tribunal ultimately canceled the penalty, ruling that the voluntary disclosure in the revised return, along with submission of relevant documents, demonstrated no concealment. The Tribunal's decision aligned with judicial precedents emphasizing complete disclosure and the timing of charging capital gains based on receipt of sale consideration. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329905