No penalty If facts clearly disclosed in Income Tax Return

During the assessment proceedings,, it was noted by the Assessing Officer that the assessee sold land at Pune for a consideration of Rs. 18 lakhs and accordingly worked out long term capital loss on sale of such property. However, the valuation of the land was adopted by stamp valuation authority at Rs. 20 lakhs. The assessee was, therefore, asked to show cause as to

Please become a Premium member. If you are already a Premium member, login here to access the full content.