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2016 (8) TMI 1141 - ITAT AHMEDABADPenalty u/s. 271(1)(c) - assessment made by invoking the provisions of Section 50C - Held that:- We find that in its return of income, the assessee has shown capital gains on the basis of the sale consideration in the agreement. Invoking the provisions of Section 50C of the Act, the Stamp Duty Valuation was taken as the full value of consideration. In our understanding, since the assessee has offered capital gains on the basis of the sale consideration received, assessment made by invoking the provisions of Section 50C of the Act would not amount to furnishing of inaccurate particulars because the assessment has been completed by a legal fiction. As decided in case of Madan Theatres Ltd. [2013 (6) TMI 96 - CALCUTTA HIGH COURT] he actual amount received was offered for taxation. It was only on the basis of the deemed consideration that the proceedings u/s. 271(1)(c) started. The revenue had failed to produce any iota of evidence that the assessee actually received one paise more than the amount shown to have been received by him. Thus, penalty order was liable to be set aside - Decided in favour of assessee
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