9911796707
TMI Blog2017 (11) TMI 1909X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeal by Revenue has been directed against the order of the Ld. CIT(A)-10, New Delhi, dated 30th January, 2014, for the A.Y. 2010-2011, challenging the cancellation of penalty under section 271(1)(c) of the I.T. Act, 1961, on account of addition made under section 50C of the I.T. Act. 2. Briefly, the facts of the case are that assessee has sold industrial plot at Neemrana, Phase-II, Bahror, Distr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as applied deeming provisions of Section 50C of the I.T. Act and made addition being difference between sale consideration as per sale deed and valuation made by the Stamp Valuation Authority. The Valuation of Stamp Valuation Authority is not a conclusive evidence of actual fair market value of the property. The A.O. has not brought any evidence on record by which it can be established that assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he amount mentioned in the sale deed because the addition is made by applying the deeming provision of Section 50C of the Act. There are no positive evidence to indicate receipt of any money over and above what is stated in the sale deed. The assessee disclosed all the relevant facts before A.O. Therefore, penalty was cancelled. 4. The Ld. D.R. relied upon the decision of Hon'ble Delhi High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0C of the I.T. Act, for the purpose of making the addition. Thus, the A.O. did not bring any positive evidence on record to show that assessee has concealed particulars of income or furnished any inaccurate particulars. The valuation of the Stamp Valuation Authority is not a conclusive evidence of receipt of the money by assessee over and above what is recorded in the sale deed. The A.O. has not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... higher sale consideration under section 50C on basis of stamp duty valuation of said property." 7. Considering the above discussion in the light of the order of the Ld. CIT(A), no interference is called for in the matter. It may also be noted here that Ld. CIT(A) discussed some other small additions also on which penalty have been cancelled. However, during the course of arguments, no arguments ..... X X X X Extracts X X X X X X X X Extracts X X X X
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