@arafathhashmi I apologize, maybe I misread your post. I thought you just simple did "301 permanently moved" redirect.
If you transferred all content and DIDN'T do 301 move from the old domain, then of course penalty will not transfer, as google will treat you as a brand new domain.
I have few examples where content from penguinized kw1kw2.com domain was COPIED to kw1kw2.net, without doing 301 redirect. There are only very few links pointing to the .net version. Second domain ranks very well while original (from which all the content was copied) is burried deep in the serps.
Not sure if that's what google was trying to achieve, cause it makes no sense to me.