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Penalty cannot be levied on the basis of deeming provision
Case Law Details
- Case Name
- Shri Chimanlal Manilal Patel Vs. ACIT (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-2007
- Courts
- ITAT Ahmedabad
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It is a fact that the addition has been made by the AO in the revisionary proceedings. The addition has been made on the basis of provisions of section 50C. It is not the case of the AO that the assessee has received consideration over and above than that declared in the sales deed. The AO has not disputed the consideration received by the assessee. The addition has been made on the basis of deeming provisions of section 50C. The assessee has furnished all the facts of sale, documents! material before the AO. The AO has not doubted the genuineness of the documents/details furn...
Levy of tax itself is on presumption that the market value of the property is more than what is stated in the sale deed and not on the ground that the assessee /vendor has received more consideration than what is stated in the document and penalties are levied on presumptions of income and expecting all the citiznes to pay penalties also on presumptions of incomes, then there is no need for this big voluminous, not possible to understand by a common man, waste of money and presume every man who have money to pay tax and interest and penalties and collect, there solves all the problems.