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2017 (5) TMI 160 - AT - Income TaxPenalty u/s 271(1)(c) - the actual sale consideration was lesser than the value adopted by the Stamp Valuation Authority - Held that:- The Revenue has not brought any material on record suggesting that the assessee had received actual consideration as adopted by the Stamp Valuation Authority. Therefore, we do not see any reason for taking a different view as adopted by the Co-ordinate Benches of this Hon’ble Tribunal, at the Hon’ble Calcutta High Court in the case of CIT vs. Madan Teatres Ltd.[2013 (6) TMI 96 - CALCUTTA HIGH COURT]. We therefore direct the Assessing Officer to delete the penalty. - Decided in favour of assessee
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