https://www.taxtmi.com/highlights?id=53648 Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F and paid the due taxes. Thus it is transpired that the assessee has claimed deduction for the investment in two properties under the bona-fide believe and he did not claim excessive deduction u/s 54F of the Act deliberately - No penalty. en-us Tue, 09 Jun 2020 14:35:11 +0530 Tue, 09 Jun 2020 14:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=53648 Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F and paid the due taxes. Thus it is transpired that the assessee has claimed deduction for the investment in two properties under the bona-fide believe and he did not claim excessive deduction u/s 54F of the Act deliberately - No penalty. Highlights Income Tax Tue, 09 Jun 2020 14:35:11 +0530 https://www.taxtmi.com/highlights?id=53648