https://www.taxtmi.com/caselaws?id=793448 Penalty exposure under section 271(1)(c) was examined in the context of short-term capital gains arising from a development agreement. The text notes that the capital gains issue was highly debatable at the relevant time because judicial views differed on when a transfer occurs under section 2(47) read with section 53A of the Transfer of Property Act, 1882. Mere confirmation of the addition in quantum proceedings was not enough, by itself, to establish concealment of income or furnishing of inaccurate particulars for penalty purposes. On that basis, the penalty was held unsustainable and was deleted. en-us Fri, 12 Jun 2026 00:00:00 +0530 Tue, 16 Jun 2026 08:32:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=793448 Penalty exposure under section 271(1)(c) was examined in the context of short-term capital gains arising from a development agreement. The text notes that the capital gains issue was highly debatable at the relevant time because judicial views differed on when a transfer occurs under section 2(47) read with section 53A of the Transfer of Property Act, 1882. Mere confirmation of the addition in quantum proceedings was not enough, by itself, to establish concealment of income or furnishing of inaccurate particulars for penalty purposes. On that basis, the penalty was held unsustainable and was deleted. Case-Laws Income Tax Fri, 12 Jun 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=793448