Section 271(1)(c) Penalty not applicable for addition under 50C

Virendra Singh Verma Vs ITO (ITAT Jaipur)

Brief facts of the case are that the assessee filed his return voluntarily on 08.10.2014 declaring total income of Rs. 1,30,00,000/- and paid tax on the long term capital gain calculated as per actual sale consideration. Later on 10.2014 the assessee was issued notice under section 148 for difference in stamp value in sale consideration as disclosed in return of income and as assessed by registrar stamps (i.e. Rs. 1,91,50,085/-) however later the matter was referred under section 50C(2) to departmental valuer wh

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