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2022 (11) TMI 73 - AT - Income TaxPenalty u/s 271(1)(c) - Disallowance of exemption u/s 54F and 54EC - HELD THAT:- As in the computation of total income furnished with the return of income for A.Y. 2013-14 filed on 14.03.2014, the assessee has done nothing but made an attempt to show less Long Term Capital Gain by making false claim under Section 54EC of the Act, without making any investment and therefore, the same was not legally admissible for the year under consideration. On this premise, the Revenue, in our considered opinion, rightly imposed penalty for intentionally furnishing inaccurate particulars of income within the meaning of Section 271(1)(c) of the Act. Thus, we do not find any iota of doubt in holding that the appellant is consciously and continuously mis-represented the facts and furnished inaccurate particulars of her income by making computation for this claim under Section 54EC of the Act and 54F of the Act. We therefore confirm the order passed by authorities below in imposing impugned penalty under Section 271(1)(c) of the Act. Assessee’s appeal is dismissed.
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