The Tribunal examined whether penalty under Section 271(1)(c) can arise when income is added due to the deeming provision under Section 56(2)(vii)(b). It held that a stamp duty valuation difference alone does not establish concealment, so penalty cannot be sustained
The post Penalty U/s 271(1)(c) Not Sustainable on Deemed Addition U/s 56(2)(vii)(b) – ITAT Chennai appeared first on TaxGuru.