https://www.taxtmi.com/caselaws?id=395813 Penalty under section 271(1)(c) of the Income-tax Act was held unsustainable where the assessee's omission to disclose long-term capital gain was based on a bona fide belief that taxability would arise only on completion of the project. The transaction was examined under section 2(47)(v) of the Income-tax Act and section 53A of the Transfer of Property Act, and it was found that the transfer had occurred in an earlier assessment year, so the gain was not chargeable in the year under appeal. As the omission was not deliberate and there was no concealment of income or furnishing of inaccurate particulars, the penalty was deleted. en-us Mon, 01 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395813 Penalty under section 271(1)(c) of the Income-tax Act was held unsustainable where the assessee's omission to disclose long-term capital gain was based on a bona fide belief that taxability would arise only on completion of the project. The transaction was examined under section 2(47)(v) of the Income-tax Act and section 53A of the Transfer of Property Act, and it was found that the transfer had occurred in an earlier assessment year, so the gain was not chargeable in the year under appeal. As the omission was not deliberate and there was no concealment of income or furnishing of inaccurate particulars, the penalty was deleted. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395813