https://www.taxtmi.com/caselaws?id=370449 The Tribunal allowed both appeals, leading to the deletion of the addition of Rs. 95 Lacs as taxable income and the penalty of Rs. 31.35 Lacs under Section 271(1)(c) of the Income Tax Act. The Tribunal determined that the Rs. 95 Lacs received by the assessee constituted a capital receipt, not taxable income, and there was no concealment or furnishing of inaccurate particulars justifying the penalty. en-us Wed, 14 Nov 2018 00:00:00 +0530 Sat, 17 Nov 2018 08:01:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370449 The Tribunal allowed both appeals, leading to the deletion of the addition of Rs. 95 Lacs as taxable income and the penalty of Rs. 31.35 Lacs under Section 271(1)(c) of the Income Tax Act. The Tribunal determined that the Rs. 95 Lacs received by the assessee constituted a capital receipt, not taxable income, and there was no concealment or furnishing of inaccurate particulars justifying the penalty. Case-Laws Income Tax Wed, 14 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370449