Section 50C

[kotamaraju shivakumar]

During scrutiny AO rejected revised computations not supported by revised returns reg Long term capital gains invested under section 54 and in the Appeal before CIT(A) enhanced assessment by accusing concealment of income arrived on the basis of section 50C.Difference between stamp duty value and sale consideration.Asseessee with husband abroad during material period.Authorised rep (AR) not furnished correct details even though entire information available with him.AY2011-12 Asseessee sold two properties and purchased one property one property inherited one during 1939 and other was purchased in 2006-07 Ay.AR submitted LTCG only for Land per sq yard not considered building and extension during 97-98 AY. for 2nd property sale agreement was on 31st July and sale deed was made on 16th august.state Govt increased market value from 1st august and Fair market value is less than stamp duty value.CIT(A) says we did enhancement on the basis of AR information.he said remand report received from AO.Ao not issued any notice for Remand report.CIT(A) issued penalty proceedings under section 271(1)(c) read with U/s 274 for concealment of income under section 50C. Kindly reply

AI Summary

Taxpayer Faces Penalty for Alleged Income Concealment; CIT(A) Applies Section 50C and Section 271(1)(c) An individual faced issues with the Income Tax Department during scrutiny when the Assessing Officer (AO) rejected revised computations related to long-term capital gains under section 54, due to the absence of revised returns. The Commissioner of Income Tax (Appeals) [CIT(A)] enhanced the assessment, alleging income concealment based on section 50C, which concerns discrepancies between stamp duty value and sale consideration. The taxpayer's authorized representative failed to provide accurate details. The CIT(A) initiated penalty proceedings under section 271(1)(c) for income concealment. A response advised seeking professional assistance for a detailed analysis of the case.