No Penalty for bona fide mistake in calculation of deduction u/s. 54F

IN THE ITAT AGRA BENCH Sarv Prakash Kapoor versus Deputy Commissioner of Income-tax-4(1), Agra IT APPEAL NO. 95 (AGRA) OF 2012 [ASSESSMENT YEAR 2007-08] SEPTEMBER 7, 2012 ORDER A.L. Gehlot, Accountant Member This is an appeal filed by the assessee against the order dated 30.01.2012 passed by the ld. CIT(A)-II, Agra for the A.Y. 2007-08. 2. The effective ground raised in the appeal is in respect of penalty of Rs. 2,78,000/- levied under section 271(1)(c) of the Income Tax Act, 1961 (‘the Act’ hereinafter). 3. The brief facts of the case are that during the assessmen...