Property Sale Consideration not grounds for inaccurate Income Particulars: ITAT deletes Penalty u/s 271 (1) (c) of Income Tax Act [Read Order]
ITAT ruled that the determination of the sale consideration of property in accordance with Section 50C of the Act alone would not constitute the provision of inaccurate particulars of income, thus precluding the imposition of penalty under Section 271(1)(c) of the Income Tax Act, 1961
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271(1)(c) of the Income Tax Act, stating that property sale consideration should not be grounds for inaccurate income particulars. Briefly stated, the assessee filed return of income for Assessment Year 2006-07 in question declaring total income of Rs.2,91,48,317/-.The…
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