https://www.taxtmi.com/caselaws?id=432769 The ITAT allowed the Assessee's appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. Relying on judicial precedents from the Gujarat High Court and Bombay High Court, the ITAT emphasized that discrepancies between actual and deemed consideration under section 50C do not constitute inaccurate particulars of income. The decision highlighted that the application of section 50C does not automatically trigger penalty proceedings, leading to the deletion of the penalty by the AO. en-us Wed, 23 Nov 2022 00:00:00 +0530 Thu, 12 Jan 2023 14:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=432769 The ITAT allowed the Assessee's appeal, overturning the penalty imposed under section 271(1)(c) of the Income Tax Act. Relying on judicial precedents from the Gujarat High Court and Bombay High Court, the ITAT emphasized that discrepancies between actual and deemed consideration under section 50C do not constitute inaccurate particulars of income. The decision highlighted that the application of section 50C does not automatically trigger penalty proceedings, leading to the deletion of the penalty by the AO. Case-Laws Income Tax Wed, 23 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=432769