Section 271(1)(c) penalty not valid for not offering capital gains u/s 50C stamp duty value

CLR Editorial Notes: The assessee in question, had sold a property for a consideration of Rs. 2.50 crore. However, for the purpose of applicable stamp duty, the property was valued at Rs. 5.19 crore and the stamp duty was paid on that value. The assessee then offered capital gains on the basis that the sale consideration… Read More

Tags: Appeal, Capital Gain, CIT, Commonwealth Law Reports, Consideration, Income tax, Rupee, Stamp duty