https://www.taxtmi.com/caselaws?id=412869 The ITAT Chennai allowed the appeal, canceling the penalty levied under section 271(1)(c) of the Income Tax Act by the Assessing Officer. The judgment highlighted the significance of the property's nature in determining eligibility for deductions under section 54F and distinguished between claim rejection and deliberate income concealment, following the precedent set by the Supreme Court in CIT vs. Reliance Petroproducts (P) Ltd. en-us Fri, 24 Sep 2021 00:00:00 +0530 Wed, 29 Sep 2021 11:03:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412869 The ITAT Chennai allowed the appeal, canceling the penalty levied under section 271(1)(c) of the Income Tax Act by the Assessing Officer. The judgment highlighted the significance of the property's nature in determining eligibility for deductions under section 54F and distinguished between claim rejection and deliberate income concealment, following the precedent set by the Supreme Court in CIT vs. Reliance Petroproducts (P) Ltd. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412869