TMI Blog2011 (8) TMI 1161X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 271(1)(c) relating to assessment year 2006-07. 2. None appeared on behalf of the assessee though written submissions are placed on record. 3. The ld. D/R has placed reliance on the order of AO. The appeal of the department is disposed off after considering the orders of the AO and ld. CIT (A) and the written submissions. 4. In this case assessee has declared long term capital ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , he levied penalty of ₹ 6,41,798/-. Detailed written submissions were filed before ld. CIT (A). It was submitted that this is not the case of the department that assessee has received some amount over and above the amount as per sale deed. The higher value was adopted by the Deputy Registrar for the stamp valuation purpose only. Though it was agitated before ld. CIT (A), however, ld. CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce Petro Products Pvt. Ltd., 322 ITR 158 (SC). Reliance was placed on various decisions of the Tribunal also including the decision of Jaipur Bench in the case of Atmaram Mahipal vs. ITO in ITA No. 611/JP/1999 and in case of ITO vs. Registhan Woolen Carpet Factory, ITA No. 292/JP/2001. The ld. CIT (A) after considering the submissions and taking into consideration all the decisions relied upon by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of concealment of any income on which penalty under section 271(1)(c) can be levied. The addition to the total income was made as per provisions of section 50C of the Act which is a deeming provision which stated that where sale consideration disclosed in respect of transfer of capital asset is less than the value adopted for the purpose of payment of stamp duty, the value so adopted shall be dee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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