Penalty u/s 271(1)(c) not imposable for application of section 50C of Income Tax Act

Shailendra Vs ITO (ITAT Delhi) ITAT Delhi held that penalty under section 271(1)(c) of the Income Tax Act cannot be imposed on the basis of legal fiction of section 50C of the Income Tax Act. Facts- The present appeal filed by the assessee for the assessment year 2009- 10 is directed against the order of Ld. CIT(A), Meerut dated 03.05.2018. The assessee has mainly raised the ground that no penalty U/s 271 (1)(c) can be imposed to assess the capital gain as per the provisions of section 50C/2(14) of the IT Act and CIT(A) is in error to confirm the same. Conclusion- Held that penalty cannot be i...