Sec 271(1)c
This query is : Resolved
deepanshu kawrani
(Querist)
23 December 2015
I have a query
Assessee sold a land in FY 11-12.He recorded capital gain and sales consideration in the books as per actual received amt.In 2013-14 the notice issued regarding additional capital gain which would be as per sec 50c .and the same has been paid against this notice..
and in 2014-15 the additional sale consideration was capitalized..whether penalty us 271(1)c applicable .??
23 December 2015
Section 50C being a deeming provision, it cannot be used for the imposition of penalty under section 271(1)(c) unless it is proved that assessee has received any amount over and above the sale consideration mentioned in the sale deed.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Additional trade name
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Visiting card purchase
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Whether output tax is taken credit by purchaser
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
