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2022 (7) TMI 1216 - AT - Income TaxPenalty u/s 271(1)(c) - Receipt of money in addition to the sale consideration disclosed in the sale deed - HELD THAT:- In the case of CIT Vs. Fortune Hotels and Estates Pvt. Ltd. [2014 (10) TMI 783 - BOMBAY HIGH COURT], it has been help that where in respect of sale of a property, matter was referred to DVO who determined sale consideration at a higher amount, that by itself would not amount to furnishing of inaccurate particulars of income so as to levy penalty u/s 271(1)(c) in respect of addition made u/s 50C. Further, in the case of Harish Voovaya Shetty [2014 (7) TMI 1032 - ITAT MUMBAI] it has been held that penalty u/s 271(1)(c) cannot be imposed in respect of the addition made by applying Section 50C when there was no material on record to show that the assessee had received more amount than that shown by it on sale of property. In the present case, AO in the absence of any evidence regarding receipt of money in addition to the sale consdiertion disclosed in the sale deed and even without there being any allegation to that effect, the A.O based on the fiction created u/s 43CA of the Act, the addition has been made which cannot be sustained under law. By following the settled principal of law mentioned above, we are of the opinion that, CIT(A) has justified in deleting the penalty imposed by the Ld. A.O. Therefore, the order of the Ld.CIT(A) requires no interference. Accordingly, we dismiss the Revenue’s Grounds of Appeal.
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