https://www.taxtmi.com/caselaws?id=395814 Penalty under section 271(1)(c) was not justified where the assessee filed a revised computation and paid tax before the Revenue detected the additions, and the disclosed particulars were already reflected in the books. The deemed capital gain adjustment under section 45(3) did not, by itself, establish concealment or furnishing of inaccurate particulars. On the facts, the Revenue failed to show any deliberate suppression of income or dishonest intent, so the penalty was deleted in favour of the assessee. en-us Mon, 01 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395814 Penalty under section 271(1)(c) was not justified where the assessee filed a revised computation and paid tax before the Revenue detected the additions, and the disclosed particulars were already reflected in the books. The deemed capital gain adjustment under section 45(3) did not, by itself, establish concealment or furnishing of inaccurate particulars. On the facts, the Revenue failed to show any deliberate suppression of income or dishonest intent, so the penalty was deleted in favour of the assessee. Case-Laws Income Tax Mon, 01 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395814