https://www.taxtmi.com/caselaws?id=468772 Penalty for concealment was held unsustainable where the addition arose only from the deeming valuation under section 50C and there was no finding that the assessee had actually received suppressed consideration. The assessee had placed explanations and supporting material on record, and the record did not establish concealment of income or furnishing of inaccurate particulars as required under section 271(1)(c) read with Explanation 1. A deeming addition by itself was insufficient to prove the statutory conditions for penalty, so the penalty was deleted in favour of the assessee. en-us Wed, 05 Feb 2025 00:00:00 +0530 Wed, 20 May 2026 19:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468772 Penalty for concealment was held unsustainable where the addition arose only from the deeming valuation under section 50C and there was no finding that the assessee had actually received suppressed consideration. The assessee had placed explanations and supporting material on record, and the record did not establish concealment of income or furnishing of inaccurate particulars as required under section 271(1)(c) read with Explanation 1. A deeming addition by itself was insufficient to prove the statutory conditions for penalty, so the penalty was deleted in favour of the assessee. Case-Laws Income Tax Wed, 05 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468772