https://www.taxtmi.com/caselaws?id=11897 Where the assessee disclosed the underlying house-property sale transaction but, on counsel's advice and purported ignorance of the Income-tax Act, 1961, wrongly claimed exemption and omitted offering the resulting capital gains to tax, such omission did not constitute deliberate concealment or furnishing of inaccurate particulars attracting penalty under s. 271(1)(c). Since the basic facts were on record, the AO's proper course was to seek particulars and assess taxability, which was done, rendering penalty unsustainable. The Tribunal's order upholding the penalty was set aside, the penalty was cancelled, and the appeal was allowed. en-us Fri, 31 Jan 2003 00:00:00 +0530 Fri, 26 Dec 2025 17:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11897 Where the assessee disclosed the underlying house-property sale transaction but, on counsel's advice and purported ignorance of the Income-tax Act, 1961, wrongly claimed exemption and omitted offering the resulting capital gains to tax, such omission did not constitute deliberate concealment or furnishing of inaccurate particulars attracting penalty under s. 271(1)(c). Since the basic facts were on record, the AO's proper course was to seek particulars and assess taxability, which was done, rendering penalty unsustainable. The Tribunal's order upholding the penalty was set aside, the penalty was cancelled, and the appeal was allowed. Case-Laws Income Tax Fri, 31 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11897