https://www.taxtmi.com/caselaws?id=751022 HC set aside the penalty under s.271(1)(c) imposed by the Settlement Commission, holding that concealment was not established. The petitioner had not been shown to have mens rea, was unaware of a sale deed executed by his Power of Attorney, and there was no evidence he received consideration beyond disclosed amounts. The Settlement Commission's reliance on a Section 50C valuation and conclusory findings without adequate reasoning did not prove receipt of undisclosed income. Writ petition succeeded in part and the penalty was quashed. en-us Mon, 01 Apr 2024 00:00:00 +0530 Mon, 01 Sep 2025 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751022 HC set aside the penalty under s.271(1)(c) imposed by the Settlement Commission, holding that concealment was not established. The petitioner had not been shown to have mens rea, was unaware of a sale deed executed by his Power of Attorney, and there was no evidence he received consideration beyond disclosed amounts. The Settlement Commission's reliance on a Section 50C valuation and conclusory findings without adequate reasoning did not prove receipt of undisclosed income. Writ petition succeeded in part and the penalty was quashed. Case-Laws Income Tax Mon, 01 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751022