Assessee purchased a property for a consideration, which was less than FMV for the purpose of stamp duty valuation. Accordingly, AO added the difference to income of assessee under section 56(vii)(b). Thereafter, the AO levied penalty under section 271(1)(c). Assessee contended that addition was made by invoking “deeming provisions” under section 56(2)(vii)(b) and no penalty could be levied under section 271(1)(c) on “deemed addition”.ITAT held that Addition was made by invoking “deeming provisions” under section 56(2)(vii)(b) and nothing was brought on record to demonstrate that assessee concealed particulars of income or deliberately furnished inaccurate particulars of income. Merely because the assessee agreed to addition on the basis of valuation made by stamp valuation authority, it could not be a conclusive proof that sale consideration as per sale agreement was deemed to be incorrect. Hence, penalty could not be levied on the basis of deeming provision. [ITA No. 45/Ahd/2022; dt.  13/12/2023] [A.Y. 2015-16]