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2013 (2) TMI 424 - AT - Income TaxPenalty for concealment – Assessee filed return admitting nil income – During the relevant previous year sold land - consideration shown in ROI was Rs. 41,29,500/- and Rs. 80,76,100/- respectively – But value adopted by stamping authority was 41,33,280/- and Rs. 1,02,02,400/- – AO levied penalty u/s 271(1)(c) – Held that:- Section 50C calls for substitution of the actual consideration, with the value adopted by stamping authority – But, the actual consideration received by the assessee will not get altered by such substitution - It is only for the purpose of computation of capital gains, the substitution is done by AO - Clause (2) of Section 50C clearly gives the assessee a right to claim before AO that the value adopted by the stamp valuation authority exceeded fair market value. Further it can not be said that assessee was non-cooperative just because the registered sale deed copies were not furnished – Sale deeds in general are collected by the buyers and unless buyers give a copy to sellers, it may not be easy for a seller to get copies thereof. Just because there is a substitution of valuation mentioned in Section 50C of the Act as the fair value, it cannot be said that there was any concealment of income or furnishing of inaccurate particulars – No penalty should be levied u/s 271(1)(c) - Against the revenue.
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