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2014 (10) TMI 783 - HC - Income TaxPenalty u/s 271(1)(c) – Addition of deemed income u/s 50C - Whether the Tribunal was right in holding that the penalty cannot be imposed with reference to addition of deemed income u/s 50C – Held that:- The Tribunal was rightly of the view that this cannot be taken as a case of furnishing inaccurate particulars of income inasmuch as there was a registered sale deed and there was consideration mentioned - the document was forwarded to the Valuer and for determination of the value, by itself would not mean that the Assessee had furnished inaccurate particulars of income or has concealed the income – thus, imposition of penalty was not justified – as such no substantial question of law arises for consideration – Decided against revenue.
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