https://www.taxtmi.com/article/detailed?id=1291 Deeming provisions do not automatically constitute concealment of income; concealment arises only where facts approximate the deeming fiction and the assessee withheld relevant information. Taxpayers should voluntarily disclose the actual position, the deemed position, and reasons why the deeming provision is inapplicable, and for valuation discrepancies (such as stamp authority valuations) should state actual consideration and explain why the difference is not taxable, thereby reducing the risk of penalties. en-us Tue, 17 May 2011 18:02:11 +0530 Sat, 14 Sep 2013 23:12:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1291 Deeming provisions do not automatically constitute concealment of income; concealment arises only where facts approximate the deeming fiction and the assessee withheld relevant information. Taxpayers should voluntarily disclose the actual position, the deemed position, and reasons why the deeming provision is inapplicable, and for valuation discrepancies (such as stamp authority valuations) should state actual consideration and explain why the difference is not taxable, thereby reducing the risk of penalties. Articles Income Tax Tue, 17 May 2011 18:02:11 +0530 https://www.taxtmi.com/article/detailed?id=1291