No, why should they? Many site owners create a new site, stop updating the old one and redirect pages on the old site to the new site. You don't have devious intentions, do you...?
You have to do a 301 redirect from the old domain to the new domain. 301 redirects leak PR these days, so you will lose PageRank.
Google tells you to 301 redirect web pages when old URLs move to a new location so why would they penalize you? They only penalize URLs when webmasters implement sneaky redirects for cloaking as an example... like if you are showing the crawlers one page, but redirecting non-crawler page requests to totally different than what you're showing the crawlers when they request that same page. And while PR does get leaked by 301 redirects... It's some small amount like 10-15%. It depends on the value of the Damping factor for Google's current PR formula.
If you done 301 then I do not think any problem would appear. However, the redirect would caused a website ranking fluctuated for a period of time, even 301 is no exception in this case. It could take from 2 weeks to 2 months depends on various factors I do not know actually, but saying this based on my own experiences.