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2013 (6) TMI 96 - HC - Income TaxPenalty u/s 271(1)(C) - difference in value of disclosure of sale price as compared with valuation of stamp valuation authorities - ITAT deleted penalty levy - Revenue contended that the assessee had a choice to dispute the valuation on the basis of the deemed value, but the assessee did not take that opportunity - Held that:- The assessee had a choice or he could have litigated. The fact remains that the actual amount received was offered for taxation. It is only on the basis of the deemed consideration that the proceedings under Section 271(C) started. The revenue has 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.In favour of assessee.
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