Accepting stamp authority valuation not proof of incorrect sale consideration: ITAT removes penalty u/s 271(1)(c) of Income Tax Act [Read Order]
ITAT deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961, stating that merely agreeing to an addition based on the valuation made by the stamp valuation authority does not constitute conclusive proof that the sale consideration was incorrect
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, 1961, stating that merely agreeing to an addition based on the valuation made by the stamp valuation authority does not constitute conclusive proof that the sale consideration was incorrect. The assessment proceedings,…
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