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TMI Blog2014 (3) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... was destroyed much before the valuation carried out, the valuation as per DVO’s report is essentially estimate based on too many presumptions - it is one of the rare cases wherein even working of section 50C cannot really be effective at all inasmuch as the very asset, which was required to be valued by DVO, was demolished before valuation could take place – it is not a fit case of penalty as there was no good ground to reject assessee’s explanation – thus, the order of the CIT(A) was justified in deleting the penalty – Decided against Revenue. - ITA No.341/Agra/2013 - - - Dated:- 28-2-2014 - Shri Bhavnesh Saini And Shri Pramod Kumar,JJ. For the Appellant : Smt. Anuradha, Jr. D.R. For the Respondent : Shri P. N. Agarwal, Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation, therefore, deserves to be referred to the Valuation Officer. In other words, the assessee herself contended that the valuation for stamp duty purpose is incorrect. It was in this backdrop the A.O. referred the matter to the Valuation Officer who in turn declined to value the said property as the entire property was demolished by the purchaser. The A.O. then proceeded to adopt valuation as per circle rate as full value of consideration under section 50C. 3. Aggrieved, the assessee carried the matter in appeal and finally the matter reached before the Co-ordinate Bench of this Tribunal. The Tribunal remitted the matter to the file of A.O. with the direction as follows :- 13. Accordingly, after hearing the rivals submissions, we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 000/- said to have been actually seen by the assessee. The matter however did not rest there. A.O. has also imposed penalty under section 271(1)(c) of the Act on the ground that the assessee has furnished inaccurate particulars of income. The stand taken by the A.O. was that the assessee has again and again given wrong particulars of income by not disclosing the full value consideration as envisaged under section 50C of the Act. Aggrieved by the stand so taken by the A.O., the assessee carried the matter in appeal before the ld. CIT(A) who deleted the impugned addition and inter alia observed as follows :- 4.1 After careful consideration of the entire facts and circumstances of the case, I am in agreement with the contentions raised by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adan Theatres Ltd. 260 CTR 75 (Cal.) is relied upon. The other various courts decision cited by the appellant are also applicable to the facts of the appellant s case. 5. The A.O. is not satisfied and is in appeal before us. 6. We have heard the rival contentions, perused the material on record and duly considered the factual matrix of the case as also applicable legal position. 7. We find that the assessee has duly disclosed not only the consideration actually received by her but also the fact of applicability of section 50C as also taken stand on the same in her return of income itself. It was a very transparent and fair way of making a claim. The mere fact that this claim has not been found to be acceptable does not negate the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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