https://www.taxtmi.com/caselaws?id=195338 The ITAT, Ahmedabad, upheld the disallowance of exemption under section 54 of the IT Act but dismissed the penalty imposed under section 271(1)(C). The decision was based on the principle that if the quantum appeal is allowed, the penalty cannot be levied. The judgment was pronounced on 14/12/2016. en-us Wed, 14 Dec 2016 00:00:00 +0530 Fri, 27 Oct 2017 09:02:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195338 The ITAT, Ahmedabad, upheld the disallowance of exemption under section 54 of the IT Act but dismissed the penalty imposed under section 271(1)(C). The decision was based on the principle that if the quantum appeal is allowed, the penalty cannot be levied. The judgment was pronounced on 14/12/2016. Case-Laws Income Tax Wed, 14 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195338