Case Law Details
Case Name : Shri C Basker Vs. ACIT (ITAT Chennai)
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All ITAT ITAT Chennai
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Shri C Basker Vs. ACIT (ITAT Chennai) ITA No. 997/Mds/2012, 997/Mds/2012, Date of pronouncement : 12.10.2012
In scrutiny proceedings, the Assessing Officer took cognizance of the fact that the assessee had sold immovable property on 30.11.2006, in which he was having 1/2 share and the other 1/2 share belonged to his brother namely Shri C. Vijayakumar [assessee’s connected case I.T.A. No. 998/Mds/2012] and the assessee in his revised return dated 04.06.2008 had declared the sale consideration of Rs. 28,54,200/- for the purpose of computing capital gains. The Assessing Officer noted from the ...
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Last para of article gives impression that Penalty was upheld by ITAT while reading full article, it gives impression that Penalty is not applicable because section 50C(2) is a deeming provision. Contradictions ???
Author should clarify it.