https://www.taxtmi.com/caselaws?id=799685 Statutory valuation fiction under section 56(2)(vii)(b) permits substitution of stamp-duty value for stated consideration in assessment, but does not by itself establish concealment of income or furnishing of inaccurate particulars for penalty under section 271(1)(c). Penalty requires evidence that actual undisclosed consideration was paid or that disclosed purchase and payment particulars were false. Explanation 1 does not apply where the taxpayer's explanation is substantiated, bona fide and not found false. Acceptance of an assessment addition does not amount to an admission of concealment because assessment and penalty proceedings are distinct. A penalty notice remains valid where it specifically identifies concealment as the charge. en-us Wed, 16 Sep 2026 00:00:00 +0530 Fri, 25 Sep 2026 08:16:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799685 Statutory valuation fiction under section 56(2)(vii)(b) permits substitution of stamp-duty value for stated consideration in assessment, but does not by itself establish concealment of income or furnishing of inaccurate particulars for penalty under section 271(1)(c). Penalty requires evidence that actual undisclosed consideration was paid or that disclosed purchase and payment particulars were false. Explanation 1 does not apply where the taxpayer's explanation is substantiated, bona fide and not found false. Acceptance of an assessment addition does not amount to an admission of concealment because assessment and penalty proceedings are distinct. A penalty notice remains valid where it specifically identifies concealment as the charge. Case-Laws Income Tax Wed, 16 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799685