![Where assessee had offered actual amount received on sale of property for taxation, revenue authorities were not justified in passing penalty order under section 271(1)(c) by adopting higher sale consideration under section 50C on basis of stamp duty valuation of said property. CIT vs Madan Teatres Ltd. [2014] 42 taxmann.com 26 (Calcutta) Merely applicability of sec 50C will not prove escapement of Income. ITO vs Shri Haresh Chand Agarwal, HUF, Date of Order: ITA No.282/Agra/2013, Date of Order: , ITAT-Agra.](https://www.itrtoday.com/wp-content/uploads/2017/07/s2711cviz-a-vizSection50C.jpg)
Section 50 C of Income Tax Act – Sale Consideration Vs Stamp Valuation
Section 50C of Income Tax Act states, “The AO is not entitled to make an addition to the sale consideration declared by the assessee if... Read More
Income Tax News, Judgments, Act, Analysis, Tax Planning, Advisory, E filing of returns, CA Students
ITRToday helps you stay updated with latest Direct income tax consultants, tax refund & provides guidance to Students of CA, CS, CMA, Advocate, MBA etc.
ITAT Amritsar: No Section 269SS Violation for One-Time Cash Payment Before Sub-Registrar 
Tax Officials Unleash Digital Dragnet: How New Raid Powers Redefine Privacy, Property Rights in India and likely to Fuel Corruption 
Income Tax Department Rewards for Reporting Tax Evasion: A Comprehensive Guide 
Forfeiture of Gratuity by Employer- What are the Remedies for an employee- Can employer be challenged?