2017 (11) TMI 1909

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....f the case are that assessee has sold industrial plot at Neemrana, Phase-II, Bahror, District Alwar (Rajasthan). The assessee has declared short term capital gain of Rs. 19,59,668. The assessee has declared the sale consideration at Rs. 1,27,50,000 vide sale deed executed dated 11th March, 2010. The document shows that stamp duty was paid at Rs. 1,83,02,910 as reflected in the AIR information as against sale consideration of Rs. 1,27,50,000 and there is a difference of Rs. 55,52,910. Thus the provisions of Section 50C of the I.T. Act were found attracted in this case. The A.O. accordingly made addition of Rs. 55,52,910 on account of difference and taken as additional short term capital gain and added to the income of the assessee. The A.O. ....

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....to indicate receipt of any money over and above what is stated in the sale deed. The assessee disclosed all the relevant facts before A.O. Therefore, penalty was cancelled. 4. The Ld. D.R. relied upon the decision of Hon'ble Delhi High Court in the case of Zoom Communications 327 ITR 510 and submitted that even by applying deeming provisions under section 50C of the I.t. Act, penalty is leviable. 5. On the other hand, the Learned Counsel for the Assessee, reiterated the submissions made before the authorities below and relied upon the decision of the Hon'ble Kolkata High Court in the case of CIT vs. Madan Theatres Ltd., (supra). 6. After considering the rival contentions, we do not find any merit in this appeal of the Revenue. The ....