https://www.taxtmi.com/caselaws?id=434176 The Tribunal dismissed the appeal, upholding the penalty imposed by the AO for concealed capital gain based on actual sale value and cost of acquisition. The Tribunal emphasized that penalty under Section 271(1)(c) cannot be based on legal fiction of Section 50C. Additionally, the Tribunal found the penalty notice issued by the AO to be valid despite the assessee's argument of ambiguity, as the assessee had been negligent in attending proceedings. en-us Thu, 02 Feb 2023 00:00:00 +0530 Sat, 18 Feb 2023 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434176 The Tribunal dismissed the appeal, upholding the penalty imposed by the AO for concealed capital gain based on actual sale value and cost of acquisition. The Tribunal emphasized that penalty under Section 271(1)(c) cannot be based on legal fiction of Section 50C. Additionally, the Tribunal found the penalty notice issued by the AO to be valid despite the assessee's argument of ambiguity, as the assessee had been negligent in attending proceedings. Case-Laws Income Tax Thu, 02 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434176