Assessing Officer disallowed deduction claimed by assessee under sections 54EC and 54F and also imposed penalty under section 271(1)(c) upon her for furnishing inaccurate particulars of income. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that\u00a0 since assessee herself admitted that claim for deduction under section 54EC\u00a0 is incorrect and by filing revised statement of income before Assessing Officer withdrew said claim, penalty imposed related to incorrect deduction under section 54EC deserved to be upheld. Since Co-ordinate Bench of Tribunal in quantum appeal partially allowed deduction under section 54F, Assessing Officer was to be directed to recompute quantum of penalty. (AY. 2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 271(1)(c) : Penalty-Concealment-Disallowance of claim-Capital gains-Investment in a residential house-Tribunal in quantum appeal partially allowed deduction under section 54F, Assessing Officer is directed to recompute quantum of penalty. [S. 54EC, 54F] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50646","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-daS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50646"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50646\/revisions"}],"predecessor-version":[{"id":50647,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50646\/revisions\/50647"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}