Mere Invoking sec 50C not amounts to concealment or furnishing inaccurate particulars of income

CA Prarthana Jalan The brief facts relevant to the levy of penalty are that the assessee had transferred / sold office premises to its sister concern for a sale consideration of Rs. 1.55 crores. The Assessing Officer considered the full sale consideration as per stamp duty authority valuation at Rs. 2,00,08,000/- in accordance with the provisions of section 50C of Income Tax Act. Accordingly, the Assessing Officer made an addition to the Short term Capital Gain. Subsequently, the Assessing Officer initiated penalty proceedings u/s 271(1)(c) for levy of penalty against the addition made to the ...