https://www.taxtmi.com/caselaws?id=340161 Penalty under concealment and non-compliance provisions was discussed in relation to additions made on stamp valuation under the deeming fiction of section 50C. The text states that where the assessee had disclosed the sale transaction and the addition arose only from valuation substitution, the ingredients of concealment or furnishing inaccurate particulars were not established, so penalty under section 271(1)(c) was deleted. It also notes that a vague notice under section 274, which did not specify the exact limb of default, together with an explained non-compliance, was insufficient to sustain penalty under section 271(1)(b), and that penalty was deleted. en-us Tue, 28 Feb 2017 00:00:00 +0530 Thu, 16 Mar 2017 11:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340161 Penalty under concealment and non-compliance provisions was discussed in relation to additions made on stamp valuation under the deeming fiction of section 50C. The text states that where the assessee had disclosed the sale transaction and the addition arose only from valuation substitution, the ingredients of concealment or furnishing inaccurate particulars were not established, so penalty under section 271(1)(c) was deleted. It also notes that a vague notice under section 274, which did not specify the exact limb of default, together with an explained non-compliance, was insufficient to sustain penalty under section 271(1)(b), and that penalty was deleted. Case-Laws Income Tax Tue, 28 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340161