https://www.taxtmi.com/caselaws?id=469375 Penalty under section 271(1)(c) was deleted where capital gains were recomputed by applying section 50C, but the assessee had disclosed the sale consideration stated in the registered sale deed and no material showed receipt of any higher amount. The ITAT held that a section 50C deeming adjustment for computation purposes does not, by itself, establish concealment or furnishing of inaccurate particulars. In the absence of factual evidence that the return was false or incomplete, the penalty provision was not attracted, and the penalty addition did not survive. en-us Wed, 05 Mar 2025 00:00:00 +0530 Mon, 15 Jun 2026 16:10:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=469375 Penalty under section 271(1)(c) was deleted where capital gains were recomputed by applying section 50C, but the assessee had disclosed the sale consideration stated in the registered sale deed and no material showed receipt of any higher amount. The ITAT held that a section 50C deeming adjustment for computation purposes does not, by itself, establish concealment or furnishing of inaccurate particulars. In the absence of factual evidence that the return was false or incomplete, the penalty provision was not attracted, and the penalty addition did not survive. Case-Laws Income Tax Wed, 05 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=469375