TaxTMI 
TaxTMI 
50C
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....0C<br> Query (Issue) Started By: - GYAN JAIN Dated:- 14-7-2010 Last Reply Date:- 19-7-2010 Income Tax<br>Got 2 Replies<br>Income Tax<br>My client Sold Industrial Land for Rs 9.00 LAcs and the value as....
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....sessee by registrar was rs 24.88 Lacs . In computing capital gain section 50c was not consider . what are the pros and cons of this default please advise me Reply By Surender Gupta: The Reply: Whether....
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.... your case is assessed / reassessed and this transaction is noticed by the AO. If concealment of income is proved, maximum penalty is 300% u/s 271(1)(c) in addition to tax and interest. Reply By DEV K....
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....UMAR KOTHARI: The Reply: In case of any further proceedings you can contend that valuation made by the Stamp Authority was excessive, actual consideration accrued has already been disclosed. The diffe....
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....rence between valuation of stamp authority and actual consideration is not any income accrued., In any case difference can was a in nature of gift to which 'capital gains' does not apply.<br> Discussi....
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