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2022 (7) TMI 17 - AT - Income TaxLevy of penalty u/s. 271(1)(c) - disallowance of claim of exemption u/s. 54F - CIT- A deleted the addition - HELD THAT:- As assessee had furnished all particulars relating to the claim of exemption by way of investment in residential properties, that the claim was made under the bonafide belief that all investment would be made within the period specified but could not be done so for reasons beyond his control as the construction was not completed in time and noting that on the requirement of investment in capital gains account scheme there was a judgment of the Hon'ble Karnataka high court [1986 (6) TMI 7 - KARNATAKA HIGH COURT] holding the requirement to be merely procedural and directory in nature. The Ld. CIT(A) accordingly deleted the penalty on the ground that all particulars with respect to the claim having been truly furnished, mere disallowance of claim in law would not tantamount to charging the assessee with concealing/furnishing inaccurate particulars of income so as to levy penalty u/s. 271(1)(c) of the Act. We are entirely in agreement with the findings of the Ld. CIT(A) in this regard and find no infirmity in the same. - Decided against revenue.
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