Estimate of cost by Departmental Valuer cannot constitute concealment hence penalty u/s 271(1)(c) not leviable

Ginjala Atchiraju Vs ITO (ITAT Visakhapatnam) ITAT Visakhapatnam held that mere estimate of cost by Departmental Valuer could not constitute material to concealment and therefore levy of penalty under section 271(1)(c) of the Income Tax Act is not valid. Facts- A survey operation u/s. 133A of the Act was carried out in the case of the assessee. During the course of the survey operations, it was noticed that Sri Ginjala Simhadri Raju along with his daughter sold land and buildings. However, the assessee filed a return of income by admitting business income of Rs. 3,18,120/- and capital gains at...