https://www.taxtmi.com/caselaws?id=289420 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for non-disclosure of capital gains in the return of income. Despite the assessee's claim of unintentional omission, the Tribunal found the failure to disclose significant gains constituted deliberate concealment. The Tribunal emphasized that timely correction could have avoided the penalty, but the inaction until scrutiny assessment indicated lack of bonafide intent. The penalty was upheld as the non-disclosure was deemed concealing true particulars, justifying the penalty under the Act. en-us Fri, 26 May 2017 00:00:00 +0530 Thu, 30 Jul 2020 09:56:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289420 The Tribunal upheld the penalty under section 271(1)(c) of the Income Tax Act for non-disclosure of capital gains in the return of income. Despite the assessee's claim of unintentional omission, the Tribunal found the failure to disclose significant gains constituted deliberate concealment. The Tribunal emphasized that timely correction could have avoided the penalty, but the inaction until scrutiny assessment indicated lack of bonafide intent. The penalty was upheld as the non-disclosure was deemed concealing true particulars, justifying the penalty under the Act. Case-Laws Income Tax Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289420