https://www.taxtmi.com/caselaws?id=191985 Penalty under section 271(1)(c) applies only where income is concealed or inaccurate particulars are furnished. Where the assessee disclosed the amount actually received, computed capital gains on that basis, and placed the relevant facts on record, the explanation for the return was treated as bona fide. The quantum addition that formed the basis of the penalty did not survive on the capital gains issue, so the penalty foundation failed. On those facts, the penalty was held not exigible and its deletion was sustained. en-us Tue, 08 Dec 2015 00:00:00 +0530 Wed, 10 Apr 2019 12:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191985 Penalty under section 271(1)(c) applies only where income is concealed or inaccurate particulars are furnished. Where the assessee disclosed the amount actually received, computed capital gains on that basis, and placed the relevant facts on record, the explanation for the return was treated as bona fide. The quantum addition that formed the basis of the penalty did not survive on the capital gains issue, so the penalty foundation failed. On those facts, the penalty was held not exigible and its deletion was sustained. Case-Laws Income Tax Tue, 08 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191985