Penalty U/s. 271(1)(c) not justified based on mere high stamp duty valuation of property

ITO Vs. Shri Ajay Sharma (ITAT Delhi) Where assessee had offered actual amount received on sale of property for taxation, revenue authorities were not justified in passing penalty order under section 271(1)(c) by adopting higher sale consideration under section 50C on basis of stamp duty valuation of said property. The assessee has disclosed all the relevant facts of sale of the property to the Revenue Department. The assessee declared the sale consideration of Rs. 1,27,50,000 as per sale deed and also offered the short term capital gain for taxation. The A.O. however, applied the deeming prov...