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2017 (11) TMI 1909 - AT - Income TaxPenalty u/s 271(1)(c) - addition made u/s 50C - HELD THAT:- A.O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars. The valuation of the Stamp Valuation Authority is not a conclusive evidence of receipt of the money by assessee over and above what is recorded in the sale deed. A.O. has not brought any concrete evidence of concealment of income in the order. A.O. at the stage of assessment, simply applied the deeming provisions of Section 50C without bringing any evidence on record for concealment of income or furnishing inaccurate particulars by the assessee. In the absence of any positive evidence with respect to concealment of income, there were no justification for the A.O. to levy penalty in the matter. In the case of CIT vs. Madan Teatres Ltd. [2013 (6) TMI 96 - CALCUTTA HIGH COURT] on identical facts, dismissed the departmental appeal in which it was held as where assessee had offered actual amount received on sale of property for taxation, revenue authorities were not justified in passing penalty order under section 271(1)(c) by adopting higher sale consideration under section 50C on basis of stamp duty valuation of said property. No interference is called for in the matter. - Decided against revenue.
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