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2012 (6) TMI 718 - AT - Income TaxPenalty u/s 271(1)(c) - sale of land - addition made in the revisionary proceedings on the basis of deeming provisions of section 50C - Held that:- In present case, AO has not disputed the consideration received by the assessee. The addition has been made on the basis of deeming provisions of section 50C. The assessee has furnished all the facts of sale, documents/ material before the AO, genuineness of which has not been doubted by AO. Only because the assessee agreed to the additions because of the deeming provisions it cannot be construed to be filing of inaccurate particulars on the part of the assessee. Hence, penalty cannot be levied on the basis of deeming provision - Decided in favor of assessee.
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