No Penalty for mere rejection of Sec 54F claim against tenancy right Sale

PCIT  Vs Rasiklal M. Parikh (Bombay High Court)

The Assessee had transferred the tenancy rights in a premises for consideration of Rs.1.67 Crores and claimed exemption of Rs.1.45 Crores under Section 54F of the investment in residential house. Such exemption was disallowed by the Assessing Officer. He also initiated penalty proceedings. The disallowance was confirmed up to the stage of the Tribunal upon which the Assessee had Appeal before the High Court, which was admitted. The Assessing Officer imposed penalty of Rs.50 La

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