https://www.taxtmi.com/caselaws?id=446959 ITAT Ahmedabad held that penalty u/s 271(1)(c) was not leviable where assessee failed to disclose land sale in original return. Despite AO adding difference between purchase price and fair market value u/s 56(2)(vii)(b), no penalty was imposed as assessee had already paid taxes including TDS u/s 194IA on sale date, demonstrating no tax evasion intent. Addition was made through deeming provisions without evidence of income concealment or deliberate inaccurate particulars. Following Gujarat HC precedent in Sun on Peak Hotel case, penalty cannot be levied based solely on deeming provisions. Appeal decided in favour of assessee. en-us Wed, 13 Dec 2023 00:00:00 +0530 Fri, 15 Dec 2023 17:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446959 ITAT Ahmedabad held that penalty u/s 271(1)(c) was not leviable where assessee failed to disclose land sale in original return. Despite AO adding difference between purchase price and fair market value u/s 56(2)(vii)(b), no penalty was imposed as assessee had already paid taxes including TDS u/s 194IA on sale date, demonstrating no tax evasion intent. Addition was made through deeming provisions without evidence of income concealment or deliberate inaccurate particulars. Following Gujarat HC precedent in Sun on Peak Hotel case, penalty cannot be levied based solely on deeming provisions. Appeal decided in favour of assessee. Case-Laws Income Tax Wed, 13 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446959