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2015 (10) TMI 1421 - ITAT MUMBAI

2015 (10) TMI 1421 - ITAT MUMBAI - TMI - Penalty 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 o .....

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o not find this a fit case for the levy of penalty u/s. 271(1)(c) of the Act. - Decided in favour of assessee. - ITA No. 7307/Mum/2013 - Dated:- 20-5-2015 - D. Manmohan, V P And N K Billaiya, AM,JJ. For the Appellant : Shri Vimal Punmiya For the Respondent : Shri Azghar Zain ORDER Per: N K Billaiya, AM This appeal by the assessee is preferred against the order of the Ld. CIT(A)-24, Mumbai dt. 6.9.2013 pertaining to assessment year 2009- 10. 2. The sole grievance of the assessee is that the Ld. C .....

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of the Act. 3.1. During the course of penalty proceedings, the assessee was allowed an opportunity to present his case as to why penalty should not be levied for false claim u/s. 54F of the Act. The assessee explained that there is no false claim made on the contrary all the details relating to the claim of deduction u/s. 54F was furnished during the course of the assessment proceedings itself. It was further pointed out that the claim was withdrawn partly during the course of the assessment pro .....

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lation to the purchase of property before one year of the sale, there is no stipulation in so far as the payment for the property is concerned. The Ld. Counsel further pointed out that no doubt the assessee has advanced loan of ₹ 12.75 lakhs much earlier to the builder but at the same time in the sale deed, the said loan has been converted into sale consideration therefore the assessee had made claim u/s. 54F of the Act which cannot be said to be a false claim. In respect of the additions .....

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