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2015 (9) TMI 1107 - ITAT PUNELevy of penalty u/s. 271(1)(c) - contention of the assessee is that when Capital Gains are computed by invoking the provisions of section 50C and the assessee has computed Capital Gains on actual sale price, it is not a case of filing of inaccurate particulars - Held that:- In the present case the assessee has not correctly disclosed the sale consideration in the original return of income. The penalty has not been levied for not adopting market price in accordance with the provisions of section 50C but for not fully and truly disclosing the sale consideration in the return of income. Therefore, the ratio laid down in the case of Commissioner of Income Tax Vs. Madan Theatres Ltd. (2013 (6) TMI 96 - CALCUTTA HIGH COURT ) will not be applicable in the present case. From the appreciation of facts of the case, we are of the considered opinion that the assessee has not fully and truly disclosed all material facts which are necessary for the assessment. The assessee has furnished inaccurate particulars of his income. The assessee in his return of income suppressed the actual sale consideration of land and also the rental income, thus, making him liable for levy of penalty u/s. 271(1)(c) of the Act. - Decided against assessee.
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