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Valuation Dispute: ITAT Quashes Penalty U/S 271(1)(c) as Addition Was Solely Based on Estimate
Case Law Details
- Case Name
- Yogesh Jashubhai Patel Vs ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Ahmedabad
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Yogesh Jashubhai Patel Vs ITO (ITAT Ahmedabad)
Mere difference in valuation or estimation does not constitute concealment or furnishing of inaccurate particulars.
Ahmedabad ITAT allowed both the quantum & penalty appeals of Assessee, holding that the delay in filing appeal was bona fide & that the addition to Long-Term Capital Gains (LTCG) was unsustainable in law. Assessee, a Non-Resident Indian (NRI), sold his share in agricultural land & declared LTCG of ₹1.56 lakh, adopting cost of acquisition at ₹1.25 lakh (as on 01.04.1981) based on a registered val...
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