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2014 (7) TMI 1032 - AT - Income TaxPenalty u/s 271(1)(c) – Inaccurate particulars furnished – Valuation as per section 50C – Held that:- Where addition is made on account of application of section 50C and Revenue failed to produce any evidence to the effect that assessee has actually received more amount than that shown by it on the sale of property then penalty under section 271(1)(c) cannot be levied – Following the decision in COMMISSIONER OF INCOME TAX, KOLKATA - IV Versus MADAN THEATRES LTD [2013 (6) TMI 96 - CALCUTTA HIGH COURT] - where addition is made on account of application of section 50C and there is no material on record to show that assessee had received more amount than that shown by it on sale of property then penalty u/s 271(1)(c) cannot be levied – Decided in favour of Assessee.
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