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TMI Blog2022 (11) TMI 1292X X X X Extracts X X X X X X X X Extracts X X X X ..... ember And Ms. Madhumita Roy, Judicial Member For the Appellant : Smt. Urvashi Shodhan, A.R. For the Respondent : Ms. Anam Benish, Sr. D.R. ORDER PER Ms. MADHUMITA ROY - JM: The instant appeal at the instance of the assessee is directed against the order dated 22.11.2021 passed by the Ld. Commissioner of Income Tax (Appeals)-12, Ahmedabad (in short CIT(A) ) arising out of the penalty order dated 09.10.2020 passed by the Learned DCIT, Central Circle-2, Vadodara under Section 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred as to the Act ) for Assessment Year 2011-12. 2. This matter relates to levying of penalty under Section 271(1)(c) of the Act to the tune of Rs.45,690/-. 3. The brief facts readin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 26,400/-. Thus, undisclosed LTCG of the assesse was determined at Rs.2,07,180/- instead of Rs.3,50,000/- as computed vide earlier assessment order dated 11.12.2017 and penalty was initiated for furnishing inaccurate particulars of income. At the time of hearing of the instant appeal, the Ld. Counsel appearing for the assessee submitted before us that penalty cannot be levied on the difference of addition made by the Ld. AO consequent to the order passed by the Ld. CIT(A) under Section 50C of the Act, since, this is nothing but deeming provision. The Sub-Section (1) of Section 50C of the Act cannot automatically to give rise to penalty proceeding. According to him, Section 50C of the Act would indicate that full sale consideration receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordinate Bench in the case of Chinubhai Ambalal Patel (supra), wherein we find that the Co-ordinate Bench while granting relief to the assessee observed as follows: 5. Section 48 of the Income Tax Act provides mode of computation of capital gains. This section contemplates that income chargeable under the head capital gain shall be computed by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :- (a) expenditure incurred wholly and exclusively in connection with such transfer, (b) the cost of acquisition of the asset and the cost of any improvement thereafter. Section 50C further provides that where the consideration received or accrui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concealment of facts or furnishing of particulars of income. An assessee may stick to his stand that whatever he has shown as actual consideration and it can be tested by making a reference to the DVO under sub-section (2) of section 50C. Thus an assessee could not be visited with penalty under section 271(1)(c) when an addition is being made with the help of deeming fiction provided in section 50C. 7. As far as other addition of Rs.15,750/- is concerned no elaborate discussion has been made independently in the penalty order. The Assessing Officer has treated both these amounts at par and took a consolidated figure. He has nowhere made out that the assessee has furnished inaccurate particulars of income. Even in the assessment order m ..... X X X X Extracts X X X X X X X X Extracts X X X X
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