No concealment penalty if sum treated as capital receipt was disclosed in notes to accounts and return

August 19, 2015[2015] 60 taxmann.com 135 (Bombay)

IT : Where there was complete disclosure of facts by assessee that an amount of Rs. 1.11 crore, which was received on account of a project not being fructified, was credited to partner's capital account and assessee's claim was not found acceptable, no penalty could be imposed on assessee under section 271(1)(c