Section 54F exemption disallowance cannot lead to imposition of penalty

Ramprasad Kamtaprasad Nigam Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai recently delivered a crucial decision in the case of Ramprasad Kamtaprasad Nigam vs. ITO concerning the imposition of a penalty under Section 271(1)(c) of the Income Tax Act, 1961. The appeal for the Assessment Year 2015-16 challenges the penalty order dated 22/06/2018. This analysis aims to provide insights into the facts of the case, the arguments presented, and the tribunal’s rationale in arriving at its decision. Background: The appellant filed the return of income for the A.Y. 2015-16, ...