Section 271(c) penalty not imposable on Deletion of 54F Disallowance

Mihir Madhavrao Suryawanshi Vs ITO (ITAT Pune) Impugned Section 271(c) penalty has arisen in consequence to the lower authorities action disallowing the assessee’s section 54F deduction claim. And in assessee’s quantum appeal ITAT has already deleted the foregoing 54F disallowance and therefore, penalty in issue herein has no legs to stands as a necessary corollary. FULL TEXT OF THE ORDER OF ITAT PUNE This assessee’s appeal for AY 2013-14 arises against the CIT(A)-1, Pune’s order dated 27-11-2019 passed in case No. PN/CIT(A)-1/ITO, WD11(2)/PN/47/2017-18 involving procee...