https://www.taxtmi.com/caselaws?id=797942 Unutilised capital gains intended for investment in a new residential house become taxable only when the prescribed investment period expires or non-investment becomes ascertainable. Where the taxpayer remained within that period when filing the return, a later shortfall in the investment could not be assessed in Assessment Year 2014-15, even though it emerged after acquisition of another property and after the revised-return period had expired. As the shortfall was not taxable for that year, it did not constitute concealment of income or furnishing of inaccurate particulars, and penalty under section 271(1)(c) was unsustainable. en-us Tue, 18 Aug 2026 00:00:00 +0530 Mon, 31 Aug 2026 08:28:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797942 Unutilised capital gains intended for investment in a new residential house become taxable only when the prescribed investment period expires or non-investment becomes ascertainable. Where the taxpayer remained within that period when filing the return, a later shortfall in the investment could not be assessed in Assessment Year 2014-15, even though it emerged after acquisition of another property and after the revised-return period had expired. As the shortfall was not taxable for that year, it did not constitute concealment of income or furnishing of inaccurate particulars, and penalty under section 271(1)(c) was unsustainable. Case-Laws Income Tax Tue, 18 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797942