Transitional tax credit for eligible dealers survives incorrect form entries, while previously available eligibility objections cannot be raised on ap...
Deemed income arising from the purchase of agricultural land below its stamp duty value does not, by itself, justify a penalty under section 271(1)(c) for concealment of income or furnishing inaccurate particulars. An addition based solely on the statutory valuation fiction under section 56(2)(vii)(b)(ii) does not itself establish concealment where the purchase consideration disclosed in the sale agreement is not questioned. Payment of tax following rectification of the addition, after consideration of a valuation report, does not itself establish concealment of the purchase price.
Deemed income arising from the purchase of agricultural land below its stamp duty value does not, by itself, justify a penalty under section 271(1)(c) for concealment of income or furnishing inaccurate particulars. An addition based solely on the statutory valuation fiction under section 56(2)(vii)(b)(ii) does not itself establish concealment where the purchase consideration disclosed in the sale agreement is not questioned. Payment of tax following rectification of the addition, after consideration of a valuation report, does not itself establish concealment of the purchase price.
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