https://www.taxtmi.com/caselaws?id=404180 The Tribunal found that the penalty under Section 271(1)(c) of the Income Tax Act was not justified as there was no evidence of the assessee receiving any amount over the declared sale consideration. The Tribunal noted that the assessee had adopted the stamp duty value in the return, which was accepted by the Assessing Officer. Due to the absence of evidence of actual higher consideration and the reasonable cause for not originally filing the return, the penalty was deleted. The appeal of the assessee was allowed, and the penalty was removed. en-us Mon, 15 Feb 2021 00:00:00 +0530 Thu, 18 Feb 2021 04:22:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404180 The Tribunal found that the penalty under Section 271(1)(c) of the Income Tax Act was not justified as there was no evidence of the assessee receiving any amount over the declared sale consideration. The Tribunal noted that the assessee had adopted the stamp duty value in the return, which was accepted by the Assessing Officer. Due to the absence of evidence of actual higher consideration and the reasonable cause for not originally filing the return, the penalty was deleted. The appeal of the assessee was allowed, and the penalty was removed. Case-Laws Income Tax Mon, 15 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404180