https://www.taxtmi.com/caselaws?id=380017 Penalty under section 271(1)(c) could not be sustained on the accrual-based capital gains addition because the connected quantum addition had already been deleted on the basis that the joint development agreement had not resulted in a taxable transfer and the proposed income was only hypothetical. The penalty was therefore deleted on that component. However, the assessee had actually received part consideration under the registered transfer and failed to disclose that receipt in the return filed pursuant to notice under section 148. On that limited undisclosed amount, concealment was established and the penalty was sustained. en-us Thu, 09 May 2019 00:00:00 +0530 Sat, 11 May 2019 07:28:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380017 Penalty under section 271(1)(c) could not be sustained on the accrual-based capital gains addition because the connected quantum addition had already been deleted on the basis that the joint development agreement had not resulted in a taxable transfer and the proposed income was only hypothetical. The penalty was therefore deleted on that component. However, the assessee had actually received part consideration under the registered transfer and failed to disclose that receipt in the return filed pursuant to notice under section 148. On that limited undisclosed amount, concealment was established and the penalty was sustained. Case-Laws Income Tax Thu, 09 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380017