https://www.taxtmi.com/caselaws?id=459702 Penalty under section 271(1)(c) was not sustainable where the assessee had furnished all material facts relevant to computation of income and the Revenue failed to establish concealment or furnishing of inaccurate particulars. The omission of a deemed capital gain in the return did not, on the appellate findings, amount to a penalty-worthy default. The Tribunal was therefore justified in upholding deletion of the penalty, and the question of law was answered against the Revenue. en-us Mon, 20 Feb 2023 00:00:00 +0530 Tue, 24 Dec 2024 10:42:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459702 Penalty under section 271(1)(c) was not sustainable where the assessee had furnished all material facts relevant to computation of income and the Revenue failed to establish concealment or furnishing of inaccurate particulars. The omission of a deemed capital gain in the return did not, on the appellate findings, amount to a penalty-worthy default. The Tribunal was therefore justified in upholding deletion of the penalty, and the question of law was answered against the Revenue. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459702