No concealment penalty if assessee offers to tax actual consideration instead of sec. 50C deemed consideration

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.
Refer:[2014] 42 taxmann.com 26 (Calcutta)
HIGH COURT OF CALCUTTA
Commissioner of Income-tax, Kol-IV
v.
Madan Teatres Ltd