No penalty for claim of exemption u/s 54 instead of section 54F

Smt. Gaytri Sharma Vs ITO (ITAT Jaipur) Conclusion: Penalty under section 271(1)(c) could not be levied as assessee had proved that there was a reasonable cause for making the wrong claim under section 54 instead of section 54F. Held: Assessee has disclosed sale of building transaction in the return of income and then claimed the deduction U/s 54 as assessee also purchased a new residential house. AO noted that the capital asset sold by assessee was a shop allotted by JDA and therefore, the deduction U/s 54 was not available to assessee. Assessee revised its mistake of claiming deduction U/s 5...