No Section 271(1)(c) Penalty for Unsubstantiated Portion of Section 54F Deduction: ITAT Chennai

Abdul Jabbar Jaheer Husain Vs ITO (ITAT Chennai)

The Income Tax Appellate Tribunal (ITAT), Chennai, heard an appeal filed by the assessee challenging the order of the Commissioner of Income Tax (Appeal), National Faceless Appeal Centre (NFAC), Delhi, dated 30th June 2024, passed under section 250 of the Income Tax Act, 1961, for the Assessment Year (AY) 2016-17. The sole issue before the Tribunal was whether the First Appellate Authority (FAA) was justified in confirming a penalty of Rs.4,62,819/- levied under section 271(1)(c) of the Income Tax Act.

The assessee, an individ

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