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.
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