https://www.taxtmi.com/caselaws?id=349568 The Tribunal allowed the appeal, concluding that the penalty under Section 271(1)(c) for concealment of income and furnishing inaccurate particulars was not justified. The Tribunal found that the assessee's failure to disclose capital gains was prompted by a specific query from the Assessing Officer and not voluntary. Despite the lack of voluntary disclosure, the Tribunal considered the peculiar circumstances, including mental disturbance and subsequent disclosure during assessment, as bona fide. Therefore, the penalty was deemed unwarranted, and the appeal was allowed on 04/10/2017. en-us Wed, 04 Oct 2017 00:00:00 +0530 Tue, 17 Oct 2017 08:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349568 The Tribunal allowed the appeal, concluding that the penalty under Section 271(1)(c) for concealment of income and furnishing inaccurate particulars was not justified. The Tribunal found that the assessee's failure to disclose capital gains was prompted by a specific query from the Assessing Officer and not voluntary. Despite the lack of voluntary disclosure, the Tribunal considered the peculiar circumstances, including mental disturbance and subsequent disclosure during assessment, as bona fide. Therefore, the penalty was deemed unwarranted, and the appeal was allowed on 04/10/2017. Case-Laws Income Tax Wed, 04 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349568