2012 (9) TMI 1006

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....at the assessee is an individual earning income from house property, income from capital gains and income from other sources. For the assessment year 2005-2006, the assessee filed his return of income on 27-10-2005 declaring total income at Rs. 3,30,320/-. The case of the assessee was selected for scrutiny. The assessee in his computation of income submitted along with the return of income, has shown his share in sale of T.V.Industrial Estate at Rs. 16,42,750/-. The aforesaid property was sold for Rs. 25 lakhs wherein assessee's share was 67%. However, as per registration papers the market value adopted by Sub-Registrar for the said property was Rs. 30,83,930/- as against the sale consideration of Rs. 25 lakhs. According to Assessing Office....

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.... addition of Rs. 9,00,824/- being difference between the sale consideration as per sale agreement and the valuation made by the Stamp Valuation Authority. The said addition was made by the Assessing Officer by applying the provisions of section 50C of the Act. On the above difference, the Assessing Officer levied a penalty of Rs. 19818/- under section 271 (1) (c) of the Act. On appeal, the learned CIT(A) confirmed the penalty and the assessee preferred an appeal against the Order of CIT(A) before the Tribunal and the Tribunal vide its Order dated 22-12-2010 cancelled the penalty, observing as under :   "8. We have considered the rival contentions and relevant record . We find that the AO had made addition of Rs. 9,00,824/- being dif....