vJaibalaji Business Corporation (P) Ltd. v. ACIT (Pune) 200 ITD 58 (Pune)(Trib)

S. 270A : Penalty for under-reporting and misreporting of income-Addition made is estimate made by DVO-The levy of penalty is not valid .[S.43CA]

Tribunal held that  the assessee sold land at a price less than stamp duty value and AO made additions on basis of difference between value declared by assessee and value determined by DVO, since value determined by DVO was an estimate based on value of other properties, said addition made on basis of estimation could not be foundation for under-reported income for purpose of imposition of penalty under section 270A.(AY. 2017-18)