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2012 (7) TMI 234 - AT - Income TaxLevy of penalty u/s 271(1)(c) - assessee had not complied with the provisions of section 50C as per which the capital gain was required to be computed on the basis of stamp duty valuation - Held that:- As the assessee was required to compute capital gain under the clear provisions of section 50C, assessee however declared much lower capital gain on the basis of consideration received which was against the clear provisions of law - explanation of the assessee that lower declaration was by mistake cannot be considered as bonafide because the assessee did not file revised computation even during assessment proceedings when the issue was being examined and assessee filed revised computation only after the addition was made in the assessment order - explanation cannot be considered as bonafide nor the issue is debatable as the assessee did not dispute the valuation report thus Penalty has being rightly levied - decided against assessee.
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