Penalty u/s. 271D set aside as claim made in an open and bonafide manner: ITAT Bangalore

Gangadhara Shetty Vs ITO (ITAT Bangalore) ITAT Bangalore held that penalty under section 271D of the Income Tax Act not leviable in terms of section 273B of the Income Tax Act since claim of exemption u/s. 54 is made in an open and bonafide manner. Facts- Assessee is an individual and earning salary income. The assessee has not filed its return of income for the year under consideration. During the course of assessment proceedings, the AO observed that the assessee has earned long term capital gain amounting to Rs.29,29,238/-. The assessee claimed exemption of the entire long term capital gain...