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2018 (3) TMI 1838 - GUJARAT HIGH COURTPenalty u/s 271(1)(c) - principal quantum additions pertains to the assessee's capital gain tax liability - computing such capital gain tax liability revolves around the ascertainment of the fair market value of the property as on 01.04.1981 - assessee relied on the report of the Government Approved Valuer who estimated the value of the property as on 01.04.1981 as ₹ 1950/per sq. mtr. and ₹ 1550/per sq.mtr. for two parcels of land - AO had disputed such valuation and assessed the value at ₹ 250 per sq. mtr. - CIT(Appeals) enhanced valuation of the land to ₹ 550/per sq. mtr. - Tribunal adopted a mean of the assessed market value by the Assessing Officer and that by the valuer of the assessee - HELD THAT:- Having heard learned counsel for the parties and having perused the documents on record and in particular the impugned judgment of the Tribunal, we see no reason to interfere. As is well known, assessment proceedings and penalty proceedings are independent. Merely because a certain addition is made, would not automatically imply that the penalty must be levied. When the Tribunal found that the assessee had made full disclosures and relied on the report of the Government Approved Valuer in support of the claim of a certain estimated value as on 01.04.1981, the Tribunal's decision that no penalty should be levied, requires no interference. - Decided in favour of assessee.
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