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2015 (9) TMI 1397 - AT - Income TaxPenalty u/s 271(1)(c) - disallowance of claim of deduction u/s.54(1) in respect of residential flats acquired by the assessees in consideration of old house sold to the builder - Held that:- The Tribunal deliberated the issue with respect to declining the claim of deduction u/s 54 of the Act and by following the decision of the Special Bench in the case of ITO vs Ms. Sushila M. Jhaveri (2007 (4) TMI 289 - ITAT BOMBAY-I) and also Geeta Duggal (2013 (3) TMI 101 - DELHI HIGH COURT) decided the claimed deduction in favour of the assessee. We further note that the ld. Assessing Officer imposed penalty with respect to claimed deduction u/s 54 of the Act, therefore, when the basis no longer survive on the basis of which penalty was imposed, in our view, penalty u/s 271(1)(c) of the Act cannot survive. - Decided in favour of assessee.
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