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2015 (10) TMI 2644 - ITAT MUMBAIPenalty u/s 271(1)(c) - addition made on account of short term capital gain was under section 50C - Held that:- On a plain reading of the sec 50 provision, it is absolutely clear that in a case where the declared sale consideration by the assessee is lesser than the value adopted by the stamp valuation authority for stamp duty purpose such value shall be the sale consideration deemed to have been received by the assessee of course, subject to the provisions contained under sub–sections (2) and (3) of the Act. Thus for applying the said provision, the Assessing Officer need not have to establish whether actual sale consideration received by assessee is the value adopted by the stamp valuing authority for stamp duty purpose. However, as far as imposition of penalty under section 271(1)(c) of the Act is concerned, the Assessing Officer has to prove the fact that the assessee actually received as sale consideration, the amount determined as the value for stamp duty purpose. There is not even a single evidence brought on record by the Assessing Officer which could even remotely establish that the assessee has received anything over and above the declared sale consideration. Merely because the addition was made by applying the provisions of section 50C of the Act on the basis of value determined by the stamp valuation authority, the assessee cannot be saddled with penalty under section 271(1)(c) of the Act either for furnishing of inaccurate particulars of income or for concealment of income. - Decided in favour of assessee.
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