https://www.taxtmi.com/caselaws?id=415769 The Tribunal allowed the assessee's appeal regarding the disallowance of benefits under Section 54/54F of the Income Tax Act. The Tribunal accepted the claim of deduction under Section 54 for the amount of Rs. 6,11,250, emphasizing that the conditions for claiming the deduction were met. Additionally, the Tribunal clarified that although there was a dispute over the section under which the deduction was claimed, the deduction itself was not in dispute. Consequently, the Tribunal directed the deletion of the penalty levied under Section 271(1)(c) of the Act, as it had no basis following the allowance of the deduction claim. en-us Wed, 10 Nov 2021 00:00:00 +0530 Tue, 14 Dec 2021 08:39:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415769 The Tribunal allowed the assessee's appeal regarding the disallowance of benefits under Section 54/54F of the Income Tax Act. The Tribunal accepted the claim of deduction under Section 54 for the amount of Rs. 6,11,250, emphasizing that the conditions for claiming the deduction were met. Additionally, the Tribunal clarified that although there was a dispute over the section under which the deduction was claimed, the deduction itself was not in dispute. Consequently, the Tribunal directed the deletion of the penalty levied under Section 271(1)(c) of the Act, as it had no basis following the allowance of the deduction claim. Case-Laws Income Tax Wed, 10 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415769