https://www.taxtmi.com/caselaws?id=397014 The Tribunal allowed the appeal regarding the deduction under Section 54 of the I.T. Act, as the investment was made from the assessee's funds, citing relevant judicial precedents. Consequently, the penalty under Section 271(1)(c) was deemed consequential and directed to be deleted. However, the penalty under Section 271F for failure to file a return of income was confirmed, as the assessee's income, without considering the Section 54 deduction, exceeded the taxable limit. The decisions were rendered on 21/07/2020. en-us Tue, 21 Jul 2020 00:00:00 +0530 Thu, 30 Jul 2020 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397014 The Tribunal allowed the appeal regarding the deduction under Section 54 of the I.T. Act, as the investment was made from the assessee's funds, citing relevant judicial precedents. Consequently, the penalty under Section 271(1)(c) was deemed consequential and directed to be deleted. However, the penalty under Section 271F for failure to file a return of income was confirmed, as the assessee's income, without considering the Section 54 deduction, exceeded the taxable limit. The decisions were rendered on 21/07/2020. Case-Laws Income Tax Tue, 21 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397014