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TMI Blog2013 (2) TMI 424X X X X Extracts X X X X X X X X Extracts X X X X ..... AO - Clause (2) of Section 50C clearly gives the assessee a right to claim before AO that the value adopted by the stamp valuation authority exceeded fair market value. Further it can not be said that assessee was non-cooperative just because the registered sale deed copies were not furnished – Sale deeds in general are collected by the buyers and unless buyers give a copy to sellers, it may not be easy for a seller to get copies thereof. Just because there is a substitution of valuation mentioned in Section 50C of the Act as the fair value, it cannot be said that there was any concealment of income or furnishing of inaccurate particulars – No penalty should be levied u/s 271(1)(c) - Against the revenue. - I.T.A. No. 1820/Mds/2011 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity during the assessment proceedings and there was no intention to conceal any income. As per the assessee, the addition was only due to application of Section 50C of the Act which was not mandatory in all cases and therefore, levy of penalty on such addition was not justified. However, the A.O. was not impressed. According to him, assessee did not furnish copies of the registered sale deed and just for a reason that assessee had cooperated during assessment proceedings, it could not be concluded that there is no intention to conceal income. According to him, copies of the sale deed were available only since the stamp valuing authority provided it on his request. He, therefore, concluded that assessee had concealed particulars of income an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that assessee had never co-operated but, on the other hand, failed to furnish copies of the sale deed and this was done with an intention of concealing the guideline value adopted for registration purposes. According to him, such an action of the assessee by itself showed that it had no intention to return the correct income. But, for the efforts of the A.O. in obtaining copies of the sale deed from the registering authority, the correct capital gains could not have been worked out. Therefore, as per the learned D.R., assessee had not disclosed particulars of income in full, and was guilty of contumacious conduct. 5. We have perused the orders and heard the rival submissions. No doubt, assessee had returned in its return of income capi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ral are collected by the buyers and unless buyers give a copy to sellers, it may not be easy for a seller to get copies thereof. Just because there is a substitution of valuation mentioned in Section 50C of the Act as the fair value, we cannot say that there was any concealment of income or furnishing of inaccurate particulars. As noted by ld. CIT(Appeals) , it is not that in every case, where there is an addition that has to be a levy of penalty. We cannot say that the assessee was guilty of furnishing inaccurate particulars or concealment so as to attract penalty under Section 271(1)(c) of the Act. We cannot find any reason to interfere with the order of ld. CIT(Appeals). 6. In the result, appeal filed by the Revenue stands dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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