Section 271(1)(c): No Penalty for Section 50C addition unless concealment proved

In the instant case, there is a registered sale deed and the consideration mentioned therein has not been proved to be wrong by the AO. The addition has been made invoking the deeming provisions of section 50c of the Act. There is no finding that the actual sale consideration is more than that mentioned in the sale agreement. The appellant had furnished all the relevant documents called for by the AO. The AO has not doubted or disproved the validity of the documents. Thus there can be no case that the appellant has concealed any income or furnished any inaccurate particulars. Therefore, penalt...