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2016 (9) TMI 13 - ITAT JAIPURPenalty u/s 271(1)(c) - addition u/s 50C on the amount of difference between sale consideration and valuation made by stamp duty authority - Reopening of assessment - Held that:- Coordinate Benches in various decisions starting from Renu Hingorani [2010 (12) TMI 795 - ITAT MUMBAI ] have held that where there is no evidence of receipt of consideration over and above declared by the assessee and the assessment is either completed u/s 143(3) or even u/s 148 based on deemed sale consideration as per stamp duty authority invoking provisions of section 50C, the penalty under section 271(1)(c) is not leviable. In light of above discussions and in the entirety of facts and circumstances of the case, we are of the view that the ld CIT(A) has rightly deleted the penalty levied by the AO u/s 271(1)(c) of the IT Act, 1961. - Decided in favour of assessee.
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