No Penalty for addition merely due to application of deeming Provision U/s. 50C

The assessee sold the property at a sum of Rs. 2,51,50,000/- For the purpose of stamp duty, however, the value was estimated at a sum of Rs. 5,19,77,000/- and on that basis the stamp duty was realized. During the assessment, it was found that the assessee had disclosed the sale price at a sum of Rs. 2,51,50,000/-. The Assessing Officer fixed the sale price at a sum of Rs. 5,19,77,000/ – and started proceedings under Section 271(1) (C). Penalty for a sum of Rs. 30,09,989/-was imposed. Thus obviously, it is only on account of deeming provisions of section 50C, the AO has made the addition...