Sec 271(1)c
This query is : Resolved
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
- Opting our of sec 44AD
- Copyright software
- Transporter Declaration form
- Multiple trade mark
- Value of property in capital gain
- LC charges in relation to Asset purchased should be Capitalised ?
- Form 121 & TDS deduction
- Regarding appeal to GSTAT
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- Regarding TDS Applicability For Director Remuneration
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
