https://www.taxtmi.com/caselaws?id=274679 The Tribunal overturned the penalty imposed under Section 271(1)(c) for claiming exemption under Section 54/54F. Despite the incorrect claim, the Tribunal held that it did not amount to furnishing inaccurate particulars of income. Emphasizing that incorrect claims do not necessarily imply inaccuracies, the Tribunal ruled in favor of the assessee, setting aside the penalty and allowing the appeal. en-us Fri, 23 Sep 2016 00:00:00 +0530 Wed, 29 Aug 2018 06:10:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274679 The Tribunal overturned the penalty imposed under Section 271(1)(c) for claiming exemption under Section 54/54F. Despite the incorrect claim, the Tribunal held that it did not amount to furnishing inaccurate particulars of income. Emphasizing that incorrect claims do not necessarily imply inaccuracies, the Tribunal ruled in favor of the assessee, setting aside the penalty and allowing the appeal. Case-Laws Income Tax Fri, 23 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274679