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2015 (6) TMI 1066 - AT - Income TaxPenalty u/s 271(1)(c) - income under the head capital gain is assessed U/s 50C by deeming the value assessed by the stamp authorities as the full value of consideration for the purpose of section 48 - Held that:- The assessee had shown sale consideration at ₹ 8 lacs whereas as per Section 50C of the Act, the Stamp Authority has assessed the value of property at ₹ 12,35,730/-, there was difference at ₹ 4,75,658/- in the capital gain, which has been accepted by the assessee during the course of assessment proceedings. There is no evidence with the revenue to prove that the assessee has received much more than reflected in the return. The addition was on account of deeming provision, therefore, we delete the penalty confirmed by the ld CIT(A). - Decided in favour of assessee.
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