No penalty If facts clearly disclosed in Income Tax Return

Advertisement DCIT Vs M/s Japfa Com feed India Pvt Ltd. (ITAT Delhi), I.T.A. No. 813/Del/2011, Dated: June 30, 2011 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 why the capital loss on sale of the said property should not be worked out as per the provisions of section 50C...