https://www.taxtmi.com/caselaws?id=288832 Penalty under section 271(1)(c) is not justified where the assessee's receipt arose from an unregistered agreement to sell, no registered transfer deed was executed, and the transaction did not result in a legally completed transfer attracting capital gains. A bona fide explanation supported by affidavits and surrounding material cannot be rejected merely because the amount was later surrendered or was not originally disclosed. Concealment or furnishing of inaccurate particulars must be established on cogent material, and penalty proceedings cannot rest on suspicion alone. On these facts, the concealment penalty was held unsustainable and deleted. en-us Wed, 08 Nov 2017 00:00:00 +0530 Wed, 01 Jul 2020 21:26:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288832 Penalty under section 271(1)(c) is not justified where the assessee's receipt arose from an unregistered agreement to sell, no registered transfer deed was executed, and the transaction did not result in a legally completed transfer attracting capital gains. A bona fide explanation supported by affidavits and surrounding material cannot be rejected merely because the amount was later surrendered or was not originally disclosed. Concealment or furnishing of inaccurate particulars must be established on cogent material, and penalty proceedings cannot rest on suspicion alone. On these facts, the concealment penalty was held unsustainable and deleted. Case-Laws Income Tax Wed, 08 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288832