Penalty not justified on disallowance on certain issue being subject matter of judicial interpretation in number of case

Rajesh C. Sanghani Vs ITO (ITAT Mumbai)

Undisputedly, the basis for imposition of penalty under section 271(1)(c) is, the assessee has wrongly claimed deduction under section 54F. As could be seen, it is the claim of the assessee that capital gain arising from sale of shop is not taxable as the assessee has invested in flats No. 103 and 104, in the first floor of a building at Ghatkopar. The department also does not dispute this fact. Only ground on which the assessees claim of deduction 54F was disallow

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