No Penalty for addition due to deeming provisions of Section 50C

Shri Ashwani Jaipaty Vs The DCIT (ITAT Delhi)

The assessee has disclosed all the relevant facts of sale of the property to the Revenue Department. The assessee declared the sale consideration of Rs. 1,27,50,000 as per sale deed and also offered the short term capital gain for taxation. The A.O. however, applied the deeming provisions of Section 50C of the I.T. Act, for the purp

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