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2016 (3) TMI 359 - AT - Income TaxPenalty u/s 271(1)(c) - calculation of sale consideration - assessee is the sole owner of the property and has received the full consideration of the property, and therefore liable to be taxed as capital gain under section 50C - Held that:- As gone through the judgments in the matter of Renu Hingorani vs. ACIT [2010 (12) TMI 795 - ITAT MUMBAI ] and CIT vs. Madan Theatres Ltd.[2013 (6) TMI 96 - CALCUTTA HIGH COURT ]. On perusal of the case law mentioned in the order of ld. CIT (A), it is clear that the income has been calculated on the basis of deeming provision by the authorities below. However, the said income as calculated on the basis of stamp duty valuation is subjected to debate/correction in case the assessee disputes the valuation made by the stamp duty authority. Since the matter is pending adjudication before the Tax Tribunal whereby the valuation calculated by the stamp valuer is under challenge. Therefore, there is no reason to impose the penalty as there is no concealment of income or inaccurate particulars of income furnished in the return. - Decided in favour of assessee
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