No concealment of income by the assessee if addition is merely based on deeming provision of sec 50C
Case Law Details
Case Name : Smt. Tarabai Kotumal Vs ACIT (ITAT Mumbai)
Related Assessment Year : 2004-05
Courts :
All ITAT ITAT Mumbai
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Brief fact of the case
The Assessee sold immovable property for a sale consideration of Rs.13,70,000/-. The stamp duty valuation price was Rs.17,90,085/-. Accordingly AO invoking the provision of section 50C made addition on account of short-term capital gain. The assessee objected to the applicability of section 50C on the ground that the property in question was a business asset. In the quantum appeal, the ld. CIT(A) dismissed the appeal of the assessee and issue of addition of short term capital gain attained finally. The A.O. initiated penalty proceedings u/s 271(1)(c) of the Act and lev...
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Very useful article