| COURT: |
|
| CORAM: |
|
| SECTION(S): |
|
| GENRE: |
|
| CATCH WORDS: |
|
| COUNSEL: |
|
| DATE: |
(Date of pronouncement) |
| DATE: |
April 26, 2011 (Date of publication) |
| AY: |
|
| FILE: |
|
| CITATION: |
|
|
|
Failure to voluntarily apply s. 50C does not attract penalty u/s 271(1)(c)
The assessee sold a flat for Rs. 63 lakhs and offered capital gains on that basis while its stamp duty valuation was Rs. 72 lakhs. The difference of Rs. 9 lakhs was assessed by the AO u/s 50C which the assessee accepted. The AO levied penalty u/s 271(1)(c) which was confirmed by the CIT (A). On appeal to the Tribunal, HELD allowing the appeal:
The AO had not questioned the actual consideration received by the assessee but the addition was made purely on the basis of the deeming provisions of s. 50C. The AO had not doubted the agreement or given any finding that the actual sale consideration was more than the sale consideration stated in the sale agreement. The fact that the assessee agreed to the addition is not conclusive proof that the sale consideration as per agreement was incorrect and wrong. Accordingly, there was no concealment of income or furnishing inaccurate particulars of income.
Related Posts:
- Renu T Tharani vs. DCIT (ITAT Mumbai) The assessee before us is closely involved with the transaction and it is inconceivable that the assessee will have no direct knowledge of the owners of the underlying company and settlors of the trust which has her, as she herself puts it, as beneficiary of such a huge amount. This…
- Technimont Pvt Ltd vs. ACIT (ITAT Mumbai) The effect of Hon’ble Supreme Court’s judgment in PVAL Kulandagan Chettiar 267 ITR 654 (SC) thus was clearly overruled by the legislative developments. It was specifically legislated that the mere fact of taxability in the treaty partner jurisdiction will not take it out of the ambit of taxable income of…
- Kamal Galani vs. ACIT (ITAT Mumbai) It is the case of the Ld. AO that account with HSBC bank , Geneva is opened by resident Indian and black money earned by such resident Indian has been stashed abroad without paying taxes/disclosing income in India. But, fact remains that in the instant case, the account was opened…
- Bank Of India vs. ACIT (ITAT Mumbai) In the present case, our entire focus was on whether these foreign tax credits could be allowed even when such tax credits lead to a situation in which taxes paid abroad could be refunded in India, but that must not be construed to mean that, as a corollary to our…
- Pandhes Infracon Pvt Ltd vs. ACIT (ITAT Mumbai) As all of us are traversing through one of the toughest patch of time, facing the Covid 19 pandemic, and the poorer sections of society are hardest hit. It is, therefore, all the more necessary for every employer company to take care of its employees. We find that in view…
- Bank of India vs. ACIT (ITAT Mumbai) The effect of Hon'ble Supreme Court's judgment in Kulandagan Chettiar (267 ITR 654) that income taxable in the source jurisdiction under the treaty provisions cannot be included in total income of the assessee is clearly overruled by the legislative developments. It is specifically legislated that the mere fact of taxability…
Leave a Reply