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Case Law Details

Case Name : C.I.T. KOL-IV Vs Madan Teatres Ltd. (Calcutta High Court)
Related Assessment Year : 14/05/2013
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The assessee sold the property at a sum of Rs. 2,51,50,000/- For the purpose of stamp duty, however, the value was estimated at a sum of Rs. 5,19,77,000/- and on that basis the stamp duty was realized. During the assessment, it was found that the assessee had disclosed the sale price at a sum of Rs. 2,51,50,000/-. The Assessing Officer fixed the sale price at a sum of Rs. 5,19,77,000/- and started proceedings under Section 271(1)(c). Penalty for a sum of Rs. 30,09,989/-was imposed.

Mr. Niaumuddin, learned

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