https://www.taxtmi.com/caselaws?id=279881 Penalty under section 271(1)(c) is not attracted where the assessee has disclosed all primary facts, advanced a bona fide explanation, and taken a plausible view on computation of capital gains from ESOP shares. Penalty proceedings must be examined independently of the assessment, and a mere addition in assessment does not by itself prove concealment or furnishing of inaccurate particulars. As the ESOP transactions, exercise dates, market values, foreign tax paid, and the basis for adopting fair market value as cost were fully disclosed, the explanation was accepted as bona fide and penalty was held not leviable. en-us Fri, 17 Apr 2015 00:00:00 +0530 Wed, 10 Apr 2019 06:12:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279881 Penalty under section 271(1)(c) is not attracted where the assessee has disclosed all primary facts, advanced a bona fide explanation, and taken a plausible view on computation of capital gains from ESOP shares. Penalty proceedings must be examined independently of the assessment, and a mere addition in assessment does not by itself prove concealment or furnishing of inaccurate particulars. As the ESOP transactions, exercise dates, market values, foreign tax paid, and the basis for adopting fair market value as cost were fully disclosed, the explanation was accepted as bona fide and penalty was held not leviable. Case-Laws Income Tax Fri, 17 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279881