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 bu

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