https://www.taxtmi.com/caselaws?id=757478 ITAT Ahmedabad upheld penalty under section 271(1)(c) for incorrect deduction claim under section 54EC, as assessee admitted the claim was wrong and withdrew it by filing revised return, constituting furnishing of inaccurate particulars. Regarding section 54F deduction, while assessee misrepresented facts and penalty was justified, ITAT directed AO to re-compute penalty quantum considering partial relief of Rs. 30,00,000/- granted in quantum proceedings, as the claim wasn't entirely without merit. Appeal partly allowed. en-us Fri, 23 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 08:18:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757478 ITAT Ahmedabad upheld penalty under section 271(1)(c) for incorrect deduction claim under section 54EC, as assessee admitted the claim was wrong and withdrew it by filing revised return, constituting furnishing of inaccurate particulars. Regarding section 54F deduction, while assessee misrepresented facts and penalty was justified, ITAT directed AO to re-compute penalty quantum considering partial relief of Rs. 30,00,000/- granted in quantum proceedings, as the claim wasn't entirely without merit. Appeal partly allowed. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757478