2014 (10) TMI 783

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....ndent : Mr. R. Murlidhar with Mr. A. K. Jasani ORDER P. C. 1. Heard Mr.Vimal Gupta, learned Senior Counsel appearing in support of this Appeal, which impugns the order of the Income Tax Appellate Tribunal dated 30.09.2011 allowing the Assessee's Appeal and deleting the penalty under Section 271(1)(c) of the Income Tax Act, 1961. Mr.Vimal Gupta submits that the substantial question of law ....

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....d he sold the same during the year previous to the Assessment Year 2004-2005 and sale consideration was Rs. 2 crores. The Assessing Officer noted that the market value adopted by the Registrar of Assurances for levy of stamp duty was Rs. 3,72,42,000/. In view thereof by taking recourse to Section 52C(2) the Assessing Officer called upon the Assessee to show cause as to why the full value of consid....

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.... particulars of income inasmuch as there was a registered sale deed and there was consideration mentioned therein. That ground was raised and therefore, the document was forwarded to the Valuer and for determination of the value, by itself would not mean that the Assessee had furnished inaccurate particulars of income or has concealed the income. In these peculiar circumstances the imposition of p....