Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (8) TMI 1685 - ITAT AHMEDABADPenalty u/s 271(1)(c) - capital gain computation - addition to the income of the assessee with the aid of section 50C - HELD THAT:- A peripheral look to the scheme of section 50C would indicate that full sale consideration received by the assessee and required to be considered for the purpose of computing capital gain under section 48 is to be replaced with the help of deeming fiction provided in this. This replacement is further subject to determination of fair market value as contemplated under section 2. Thus an addition to the income of the assessee with the aid of section 50C is only under deeming condition which may vary if a reference to the DVO is being sent under sub-section(2) of section 50C. It would indicate that it is quite difficult to conclusively hold an assessee liable for concealment of facts or furnishing of particulars of income. An assessee may stick to his stand that whatever he has shown as actual consideration and it can be tested by making a reference to the DVO under sub-section (2) of section 50C. Thus an assessee could not be visited with penalty under section 271(1)(c) when an addition is being made with the help of deeming fiction provided in section 50C. Receipt from Astha Buildcon - For other addition no elaborate discussion has been made independently in the penalty order. AO has treated both these amounts at par and took a consolidated figure. He has nowhere made out that the assessee has furnished inaccurate particulars of income. Even in the assessment order much discussion is not available on this issue. We find force in the contentions of the assessee and delete the penalty - Assessee appeal allowed.
|