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2022 (7) TMI 1305 - AT - Income TaxPenalty levied u/s 271(1)(c) - LTCG Computation - adoption of adopt the fair market value cost of acquisition as on 01.04.1981 - HELD THAT:- Addition in the assessment was based on mere estimation basis as estimated by different authorities at different times & rates. It is settled position in law that addition based on estimation no penalty is leviable. As the estimation of valuation are not final and may differ on the subjective satisfaction of different authorities. Therefore, we are of the constrained view that in such estimation of valuation no penalty is leviable under section 271(1)(c) of the Act. Even otherwise the addition of LTCG in the assessment order is based on the difference of opinion, which cannot be made basis of the levy of penalty under section 271(1)(c). Therefore, we direct the Assessing Officer to delete the remaining / entire penalty levied under section 271(1)(c) - Decided in favour of assessee.
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