https://www.taxtmi.com/caselaws?id=188583 The ITAT Ahmedabad allowed the assessee's appeal, setting aside the penalty of Rs. 39,715 imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that penalty cannot be levied solely based on deeming provisions when the assessee did not receive consideration exceeding the declared amount. Relying on precedents, the ITAT directed the A.O. to delete the penalty, emphasizing that the assessment under Section 50C did not involve furnishing inaccurate particulars as the capital gains were based on the actual sale consideration received. en-us Wed, 17 Aug 2016 00:00:00 +0530 Wed, 07 Dec 2016 11:09:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188583 The ITAT Ahmedabad allowed the assessee's appeal, setting aside the penalty of Rs. 39,715 imposed under section 271(1)(c) of the Income Tax Act. The ITAT held that penalty cannot be levied solely based on deeming provisions when the assessee did not receive consideration exceeding the declared amount. Relying on precedents, the ITAT directed the A.O. to delete the penalty, emphasizing that the assessment under Section 50C did not involve furnishing inaccurate particulars as the capital gains were based on the actual sale consideration received. Case-Laws Income Tax Wed, 17 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188583