M/S MASCOT CONSTRUCTION PVT. LTD.,MUMBAI vs. INCOME TAX OFFICER, 2(2)(3)

ITA 2737/MUM/2024Status: DisposedITAT Mumbai31 July 2024AY 2010-11Bench: SHRI OM PRAKASH KANT (Accountant Member), SHRI SUNIL KUMAR SINGH ( (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that additions made under the deeming provisions of Section 50C, based on stamp duty valuation, do not automatically attract penalty under Section 271(1)(c) if the assessee has furnished all relevant documents and the AO has not doubted their genuineness. The penalty is not sustainable.

What were the facts?

The assessee declared a loss, but the AO made additions, including capital gains under Section 50C, assessing total income at Rs. 45,53,301. Subsequently, the AO levied a penalty under Section 271(1)(c) for the addition made under Section 50C.

What were the issues?

Whether penalty under Section 271(1)(c) is leviable on additions made under the deeming provisions of Section 50C, and if the penalty order was passed within the prescribed time limit.

Which sections of the Income-tax Act were involved?

Section 50C,Section 271(1)(c)

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Income Tax Appellate Tribunal, MUMBAI BENCH “D” MUMBAI

Before: SHRI OM PRAKASH KANT & SHRI SUNIL KUMAR SINGH

For Appellant: Mr. Haridas Bhat, Ms. Mahita Nair, Sr. DR
Hearing: 29/07/2024

PER OM PRAKASH KANT, AM

This appeal has been preferred by the assessee against order dated 22.03.2024 passed by the Ld. Commissioner of Income-tax (Appeals) – National Faceless Appeal Centre, Delhi [in short ‘the Ld. CIT(A)’] for assessment year 2010-11, raising following grounds:

“GROUND 1

M/s Mascot Constructions Pvt. Ltd. M/s Mascot Construction 2 A. On the facts and circumstances of the case, Commissioner of Income A. On the facts and circumstances of the case, Commissioner of Income A. On the facts and circumstances of the case, Commissioner of Income - Tax Appeals (the CIT Appeals)erred in Tax Appeals (the CIT Appeals)erred in passin

The order continues below.

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