Section 271(1)(c) penalty not leviable for mere denial of section 54F Deduction

Vikram Kalra Vs ACIT (ITAT Delhi) It is the case of the assessee that the provisions of Section 54F are beneficial in nature and the Courts have always accorded liberal interpretation and a small delay of few days have been condoned for the eligibility purposes. Even otherwise, in these circumstances, the imposition of penalty on account of denial of deduction on such technical breach is not justified on the contours of Section 271(1)(c) of the Act. We find merit in the plea of the assessee for cancellation of penalty. While the admissibility of deduction under Section 54F in the circumstances...