Computation Error Isn’t Misreporting: ITAT Deletes 270A Penalty on 54F Claim

Krunal Sanghvi Vs ITO (ITAT Ahmedabad)

Computation Error Isn’t Misreporting – ITAT Ahmedabad Deletes Penalty u/s 270A for 54F Deduction Difference

Assessee filed appeal against levy of penalty u/s 270A(9) for alleged misreporting of income arising from excess claim of deduction u/s 54F. AO held that Assessee wrongly claimed full exemption of ₹1.17 crore instead of proportionate deduction of ₹91.60 lakh & imposed penalty for misreporting. The CIT(A)/NFAC confirmed the penalty.

Before ITAT, Assessee argued that all particula

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