No Section 271(1 )(c) penalty on addition under Section 50C

Varshaben Vipulbhai Bhalani Vs DCIT (ITAT Ahmedabad) ITAT held that penalty cannot be levied on the difference of addition made by the Ld. AO consequent to the order passed by the Ld. CIT(A) under Section 50C of the Act, since, this is nothing but deeming provision. The Sub-Section (1) of Section 50C of the Act cannot automatically to give rise to penalty proceeding. Section 50C of the Act would indicate that full sale consideration received by the assessee required to be considered for the purposes of computing capital gain under Section 48 of the Act, is to be replaced with the help of deemi...