https://www.taxtmi.com/caselaws?id=790050 Penalty for concealment was not attracted where the assessee disclosed the omitted long-term capital gain in the return filed in response to notice under section 148 and the reassessment was completed on that return without any addition. The concealment test under section 271(1)(c) requires a finding of concealed particulars or inaccurate particulars, and Explanation 1 applies only where the explanation is false, unsubstantiated, or not bona fide with full disclosure of material facts. On these facts, the omission from the original return alone did not sustain penalty, and the issue was decided in favour of the assessee. en-us Thu, 09 Apr 2026 00:00:00 +0530 Sat, 18 Apr 2026 08:22:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=790050 Penalty for concealment was not attracted where the assessee disclosed the omitted long-term capital gain in the return filed in response to notice under section 148 and the reassessment was completed on that return without any addition. The concealment test under section 271(1)(c) requires a finding of concealed particulars or inaccurate particulars, and Explanation 1 applies only where the explanation is false, unsubstantiated, or not bona fide with full disclosure of material facts. On these facts, the omission from the original return alone did not sustain penalty, and the issue was decided in favour of the assessee. Case-Laws Income Tax Thu, 09 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=790050