During scrutiny assessment, Assessing Officer noticed that assessee had not shown long term capital gain [LTCG] on sale of lands and short term capital gain (STCG] on sale of windmill in return of income .  On being asked to explain, assessee filed letter admitting The AO levied the penalty. which was up held by the Tribunal. On appeal the Court held that since assessee replied to notice understanding notice to be a notice for concealment of any income or furnishing any inaccurate particulars, it could not permitted to raise a contention before Court for first time alleging defect in notice Whether voluntary disclosure does not release assessee from mischief of penalty proceedings under section 271(1)(c).  Court also held that even otherwise since information came to Department through AIR, forwarded by Registration Department and after verifying same, only when notice was issued under section 143(2), assessee, for first time stated that due to inadvertence, it did not disclose particulars relating to capital gains, it was clear that assessee did not act bonafidely and, therefore, penalty under section 271(1)(c) was rightly levied. (AY. 2012-13)