https://www.taxtmi.com/highlights?id=92000 ITAT held that the one-time settlement received by the assessee on relinquishment of hotel purchase/operation rights constituted a capital receipt, not taxable remuneration, and therefore did not attract penalty under section 271(1)(c). Relying on apex-court parameters for characterisation of compensation for loss of source of income and on authority that full disclosure in the return negates penal liability, the Tribunal found no conscious and deliberate concealment. The Tribunal set aside the appellate authority's order, directed the AO to delete the penalty under section 271(1)(c), and allowed the assessee's appeal. en-us Thu, 28 Aug 2025 08:32:48 +0530 Thu, 28 Aug 2025 08:32:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=92000 ITAT held that the one-time settlement received by the assessee on relinquishment of hotel purchase/operation rights constituted a capital receipt, not taxable remuneration, and therefore did not attract penalty under section 271(1)(c). Relying on apex-court parameters for characterisation of compensation for loss of source of income and on authority that full disclosure in the return negates penal liability, the Tribunal found no conscious and deliberate concealment. The Tribunal set aside the appellate authority's order, directed the AO to delete the penalty under section 271(1)(c), and allowed the assessee's appeal. Highlights Income Tax Thu, 28 Aug 2025 08:32:48 +0530 https://www.taxtmi.com/highlights?id=92000