Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 93 - AT - Income TaxPenalty u/s 271(1)(c) – Concealment of income - Inaccurate particulars while filing return - Assessee has sold immovable property and declared the sale consideration of ₹ 28,54,200/- for the purpose of computing capital gains in the revised return – A.O. was that the consideration as disclosed by the assessee qua the property sold was found to be less than the guideline value, which was ₹ 95.40 lakhs instead of ₹ 28.54 lakhs - AO made addition and impose penalty u/s 271(1)(c) Held that:- Section 50C(2) is only a deeming provision which cannot be taken as to be an understatement for the purpose of imposing penalty. To attract imposition of penalty, the assessee must be held to have concealed particulars of income or furnished inaccurate particulars. The assessee’s revised return stood duly accepted as a ‘valid’ return and the assessment was completed and merely because the A.O. invoked section 50C(2) and adopted guideline value to be the actual sale consideration and made addition in the assessee’s income automatically become a case attracting penalty u/s 271(1)(c) – In favour of assessee
|