TMI Blog2014 (10) TMI 783X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h reference to addition of deemed income under Section 50C of the Income Tax Act, 1961. Mr.Vimal Gupta relies upon the judgment of the Honourable Supreme Court in the case of Chuharmal V/s Commissioner of Income Tax reported in 172 ITR 250 (SC). 2. Upon perusal of the order passed by the Tribunal in its entirety and noting the peculiar facts pertaining to the Assessee we are of the view that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uation of the property should be referred to the Departmental Valuation Officer. That was so referred and the report was submitted by the Valuation Officer dated 27.12.2006 determining the market value of the property at ₹ 2,70,03,920/. The Assessee maintained that the value of ₹ 2 crores is actual sale consideration received by it. However, this was not accepted and the difference bet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... really does not arise in the peculiar facts of the case. We leave that question and contentions based thereon open for being canvassed in an appropriate case. The Tribunal s order even if containing any reference to some deeming provision will not preclude or prevent the Revenue from raising such contentions. With this clarification and finding that the Tribunal s order does not raise any substant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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