Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (10) TMI 553 - AT - Income TaxPenalty u/s 271(1) - Addition was made towards difference between circle rate and the amount disclosed in sale deed - valuation of the capital asset, the issue was referred to DVO who reduced the valuation adopted by the AO - HELD THAT:- As valuation made by DVO is an estimate which can be the basis for making addition to the income of the assessee for the purpose of assessment but the same alone cannot be the basis to construe concealment for the purpose of imposing penalty u/s 271(1)(c) - See JMD Advisors Pvt.Ltd. [2008 (2) TMI 450 - ITAT DELHI] and Prakash Industries Ltd.[2016 (3) TMI 1060 - ITAT DELHI] Also see case of CIT vs Lahsa Construction Pvt.Ltd .[2013 (9) TMI 969 - DELHI HIGH COURT] as held that “addition cannot be justified solely relying upon the valuation report”. Decided in favour of assessee.
|