https://www.taxtmi.com/caselaws?id=273008 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The appellant's reliance on counsel's advice for claiming exemption under section 54F was deemed bonafide, leading to the conclusion that the penalty was unwarranted. The Assessing Officer was directed to delete the penalty. en-us Fri, 20 Jan 2012 00:00:00 +0530 Wed, 30 May 2018 16:04:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273008 The Tribunal allowed the appeal, setting aside the penalty imposed under section 271(1)(c) of the Income Tax Act. The appellant's reliance on counsel's advice for claiming exemption under section 54F was deemed bonafide, leading to the conclusion that the penalty was unwarranted. The Assessing Officer was directed to delete the penalty. Case-Laws Income Tax Fri, 20 Jan 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273008