https://www.taxtmi.com/caselaws?id=193430 Penalty for concealment or furnishing inaccurate particulars was held unsustainable where the assessee disclosed capital gains on the amount actually received and the relevant facts were verifiable from the assessment record. The Revenue's case rested on the view that the entire sale consideration had accrued in the year of agreement, but the material on record did not show suppression of income already disclosed. The assessee's understanding that taxability arose on receipt basis was treated as a bona fide and not wholly unreasonable view, and concealment or inaccurate particulars was not established. Deletion of the penalty under section 271(1)(c) was therefore justified. en-us Fri, 02 Dec 2016 00:00:00 +0530 Fri, 28 Jul 2017 23:37:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193430 Penalty for concealment or furnishing inaccurate particulars was held unsustainable where the assessee disclosed capital gains on the amount actually received and the relevant facts were verifiable from the assessment record. The Revenue's case rested on the view that the entire sale consideration had accrued in the year of agreement, but the material on record did not show suppression of income already disclosed. The assessee's understanding that taxability arose on receipt basis was treated as a bona fide and not wholly unreasonable view, and concealment or inaccurate particulars was not established. Deletion of the penalty under section 271(1)(c) was therefore justified. Case-Laws Income Tax Fri, 02 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193430