2017 (8) TMI 1527

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....None ORDER By way of this appeal, the appellant has assailed the judgment and order of the Tribunal whereby the Tribunal has allowed the appeal preferred by the assessee under Section 271 (1)(c) of Income Tax Act, 1961. Counsel for the appellant has framed the following questions of law: "i) Whether the Tribunal was justified in deleting the penalty levied by Assessing Officer and confirmed b....

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....95,000/- the cost of the land against the sale was Rs. 2,04,19,388/- the stamped authority adopted value for the purpose of stamp duty of Rs. 1,98,42,556/-. However, the assessing officer ignored the actual sale consideration at Rs. 1,81,95,000/- as well as the deemed consideration under Section 50C of the Act of Rs. 1,98,42,556/- but took the sale consideration of Rs. 2,65,28,870/- treating the s....

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....coordinate bench rendered in the case of GTO Vs. Rajmata Shanti Devi(2001) 76 ITR 299 (Ahd) and also place reliance on the judgment of the Hon'ble Supreme Court rendered in the case of Price Waterhouse Coopers Pvt. Ltd. Vs. CIT and another 348 ITR 306 (SC). He further submitted that the assessment order under section 143(3) of the Act, was passed on the basis of information supplied by the assesse....