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

The respondent-assessee had originally paid an amount of Rs.54 Lakhs as a consideration for the development agreement in 1995. In the previous year relevant to assessment year, the respondent-assessee received from the vendor an amount of Rs. 1.65 Crores which included an amount of Rs. 54 Lakhs which was originally paid in 1995 by the assessee to the vendor. 

The department imposed tax on the assessee and the assessee accepted the position. However held by Bombay High Court in S.M. Construction [2015] 60 taxmann.com 135 (Bombay) following Supreme Court inCIT v. Reliance Petroproducts (P.) Ltd. [2010] 322 ITR 158/189 Taxman 322 and distinguishing CIT v. Zoom Communication (P.) Ltd. [2010] 327 ITR 510/191 Taxman 179 (Delhi) (para 9)disclosure of Rs. 1.11 Crores which was made by the petitioners as a part of its notes to accounts as well as letter dated 29 October 2005 alongwith its claim of not being taxable was filed along with the Return of Income. Thus there has been a complete disclosure of all facts as held by CIT(A) and the Tribunal