No Section 271(1)(c) Penalty for Section 54F exemption claim with conflicting views

DCIT Vs Sahil Vachani (ITAT Delhi) New Delhi: The Income Tax Appellate Tribunal (ITAT) Delhi has recently considered an appeal filed by the Income Tax Department against an order from the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi. The core issue revolves around the deletion of a penalty amounting to Rs. 1,45,59,592/- levied under Section 271(1)(c) of the Income Tax Act, 1961. This penalty was initially imposed on Sahil Vachani (the assessee) for allegedly furnishing inaccurate particulars of income related to a deduction claimed under Section 54F of the Act f...