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2015 (10) TMI 1421 - AT - Income TaxPenalty made u/s. 271(1)(c) - disallowance of deduction u/s. 54F in part - Held that:- It is an undisputed fact that the assessee has tendered loan to the builder much earlier to the date of purchase. It is also an undisputed fact that the loan amount of ₹ 12.75 lakhs was converted into sale consideration which is also evident from the sale deed placed on record. Whether the assessee is entitled for deduction u/s. 54F of the Act on this conversion of loan into sale consideration is definitely a highly debatable issue, therefore, in our considered opinion, penalty cannot be levied u/s. 271(1)(c) of the Act in respect of the claim of ₹ 12.75 lakhs. In so far as the claim of deduction in respect of additions/alteration of ₹ 08 lakhs is concerned, we find that the assessee had furnished all the details although he failed to succeed in claiming the deduction but that by itself would not make the claim a false claim. We, therefore, do not find this a fit case for the levy of penalty u/s. 271(1)(c) of the Act. - Decided in favour of assessee.
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