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2016 (12) TMI 304 - ITAT AHMEDABADPenalty u/s 271(1)(c) - deemed addition made u/s 50C - Held that:- The impugned addition was merely based on the calculation made by ld. Assessing Officer taking jantri price as against sale price shown by the assessee. At any point of time Revenue has not placed on record any material evidence to show that the assessee has received consideration over and above the agreement value. Assessing Officer has not doubted the genuineness of the document or the details furnished by the assessee and assessee agreed to the addition because of the deeming provisions of section 50C of the Act which cannot be construed to filing inaccurate particulars of income or concealment of income on the part of assessee. Thus we direct the Assessing Officer to delete the penalty - Decided in favour of assessee
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