https://www.taxtmi.com/caselaws?id=468917 Penalty under section 271(1)(c) was held not leviable where the addition arose from the deeming fiction in section 56(2)(vii)(b) based on the difference between purchase consideration and stamp duty value of immovable property. The assessee disputed the valuation, and reference to the Valuation Officer substantially reduced the difference. As the assessment was founded on a deemed valuation figure rather than independent evidence of concealment or falsity in the return, the penalty was deleted. en-us Mon, 10 Feb 2025 00:00:00 +0530 Mon, 25 May 2026 20:05:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=468917 Penalty under section 271(1)(c) was held not leviable where the addition arose from the deeming fiction in section 56(2)(vii)(b) based on the difference between purchase consideration and stamp duty value of immovable property. The assessee disputed the valuation, and reference to the Valuation Officer substantially reduced the difference. As the assessment was founded on a deemed valuation figure rather than independent evidence of concealment or falsity in the return, the penalty was deleted. Case-Laws Income Tax Mon, 10 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=468917