https://www.taxtmi.com/caselaws?id=789839 Penalty under section 271(1)(c) is not attracted where the assessee fully disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and the unutilised balance became taxable only because it was not deployed within the statutory period. Bona fide conduct, including prompt intimation to the department before reassessment and retention of the amount in the specified account, negates concealment of income or furnishing of inaccurate particulars. Mere failure to satisfy the time condition for exemption, without any diversion or suppression of facts, does not by itself justify penalty. en-us Wed, 25 Mar 2026 00:00:00 +0530 Wed, 15 Apr 2026 09:05:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789839 Penalty under section 271(1)(c) is not attracted where the assessee fully disclosed the capital gains, deposited the sale proceeds in the Capital Gains Account Scheme within time, and the unutilised balance became taxable only because it was not deployed within the statutory period. Bona fide conduct, including prompt intimation to the department before reassessment and retention of the amount in the specified account, negates concealment of income or furnishing of inaccurate particulars. Mere failure to satisfy the time condition for exemption, without any diversion or suppression of facts, does not by itself justify penalty. Case-Laws Income Tax Wed, 25 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789839