https://www.taxtmi.com/caselaws?id=779954 Penalty under section 271(1)(c) could not be sustained merely because an addition was made under section 43CA on account of the difference between the declared sale price and stamp value of residential stock-in-trade. The addition was a deemed income adjustment based on valuation difference, and there was no material to show that the assessee had actually received consideration over and above the declared price. In the absence of evidence of concealment of income or furnishing of inaccurate particulars, the penalty provision was not attracted. The assessee therefore succeeded on the substantive issue. en-us Thu, 23 Jan 2025 00:00:00 +0530 Thu, 16 Oct 2025 08:30:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779954 Penalty under section 271(1)(c) could not be sustained merely because an addition was made under section 43CA on account of the difference between the declared sale price and stamp value of residential stock-in-trade. The addition was a deemed income adjustment based on valuation difference, and there was no material to show that the assessee had actually received consideration over and above the declared price. In the absence of evidence of concealment of income or furnishing of inaccurate particulars, the penalty provision was not attracted. The assessee therefore succeeded on the substantive issue. Case-Laws Income Tax Thu, 23 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779954