1918-Day Delay Condoned; No Penalty on Excess Section 54F/54B Claim

Amol Vasant Deshmukh Vs ITO (ITAT Pune) 1918-Day Delay Condoned; Penalty u/s 271(1)(c) Deleted for Inadvertent Excess under section 54F/54B Claim Pune ITAT “B” Bench condoned an extraordinary delay of 1918 days and deleted penalties levied u/s 271(1)(c) holding that mere excess claim of deduction due to inadvertent mistake does not amount to furnishing inaccurate particulars. The assessees, co-owners of land under a development agreement, had offered LTCG spread over multiple years and claimed deductions u/s 54F & 54B. For AY 2015-16, while only ₹27.14 lakh of LTCG remained taxable, ...