https://www.taxtmi.com/highlights?id=68337 Penalty u/s 271 (1)(c) - capital gain assessed as per the provisions of section 50C/2(14) - The direction of CIT(A) is clear that penalty cannot be imposed on the basis of legal fiction of section 50C - He therefore, directed to work out the concealed capital gain in accordance with the sale value of the property - No infirmity into the direction of CIT(A). It would be open before the AO even to decide whether the land in question was a capital asset or not. - AT en-us Sat, 18 Feb 2023 13:14:19 +0530 Sat, 18 Feb 2023 13:14:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=68337 Penalty u/s 271 (1)(c) - capital gain assessed as per the provisions of section 50C/2(14) - The direction of CIT(A) is clear that penalty cannot be imposed on the basis of legal fiction of section 50C - He therefore, directed to work out the concealed capital gain in accordance with the sale value of the property - No infirmity into the direction of CIT(A). It would be open before the AO even to decide whether the land in question was a capital asset or not. - AT Highlights Income Tax Sat, 18 Feb 2023 13:14:19 +0530 https://www.taxtmi.com/highlights?id=68337