Penalty u/s 271(1)(c) leviable for failure to prove genuineness of exemption u/s 54

Brief of the case: Punjab & Haryana High Court held in Manpreet Kaur vs CIT that if the assesse had claimed exemption u/s 54 for utilizing the sales proceeds in the construction of the residential house then the onus to prove that the sales proceeds had actually been used in the construction of residential house in on assesse. If assesse failed to prove that the sales proceeds had actually been used in the construction of residential house then the exemption u/s 54 would be disallowed and penalty u/s 271(1)(c) would be levied. Assessee was required to satisfy the AO that sales proceeds had...