https://www.taxtmi.com/caselaws?id=179938 The appeal against the penalty order under section 271(1)(c) for AY 2006-07 was successful. The Tribunal held that the application of deeming provisions like section 50C does not amount to concealment of income. It was determined that the valuation for capital gain purposes is subjective and not definitive. As no concealment or inaccurate particulars were identified, the penalty of &8377; 93,942 imposed by the AO was deleted, and the appeal was allowed. The order was pronounced on 10.11.2010. en-us Wed, 10 Nov 2010 00:00:00 +0530 Sat, 12 Mar 2016 13:06:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179938 The appeal against the penalty order under section 271(1)(c) for AY 2006-07 was successful. The Tribunal held that the application of deeming provisions like section 50C does not amount to concealment of income. It was determined that the valuation for capital gain purposes is subjective and not definitive. As no concealment or inaccurate particulars were identified, the penalty of &8377; 93,942 imposed by the AO was deleted, and the appeal was allowed. The order was pronounced on 10.11.2010. Case-Laws Income Tax Wed, 10 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179938