Penalty u/s 271(1)(c)
This query is : Resolved
CA Abhinav gupta
(Querist)
06 November 2014
i have constructed a building which is valued at rs 17 lakh by me but d.v.o valuation report value it at rs. 26 lakh. Now A.O. is imposing penalty under section 271(1)(c). is the penalty impoaition right..
Amol S Joglekar
(Expert)
06 November 2014
No. You can write to the A.O., that the valuation done by you is based on the ACTUAL and FACTUAL figures. So, there is no any lapse on the part of the assessee as to hiding the facts and hence the 271 (1) c) be dropped.
06 November 2014
Penalty imposed on the basis of valuer's report regarding cost of construction is not valid –
Citation:-
1) DCIT Vs. JMD Advisors (P) Ltd 310 ITR 280 (Del-Trib).
2) CIT Vs. Apsara Talkies 155 ITR 303 (Mad).
Citation:-
1) DCIT Vs. JMD Advisors (P) Ltd 310 ITR 280 (Del-Trib).
2) CIT Vs. Apsara Talkies 155 ITR 303 (Mad).
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