Penalty u/s 271(1)(c ) cannot be imposed on account of deeming fiction u/s. 50C

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

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