Merely claiming exemption which was not acceptable to department cannot entail levy of penalty u/s 271(1)(c)

Raj Kumar Bhutani Vs ITO (ITAT Delhi)

ITAT Delhi held that merely making a claim which is not sustainable in law will not amount to furnishing inaccurate particulars entailing levy of penalty under section 271(1)(c) of the Income Tax Act automatically.

Facts-

The assessee had declared Long-term Capital Gain (LTCG) as “nil” qua sale of two plots of land at Gurgaon having made investments towards construction of residential house at Ne

Please become a Premium member. If you are already a Premium member, login here to access the full content.