https://www.taxtmi.com/highlights?id=80715 Penalty proceedings u/s 271(1)(c) for disallowing deductions u/ss 54EC and 54F. Assessee admitted and withdrew incorrect claim u/s 54EC, constituting furnishing of inaccurate particulars. Penalty upheld for deduction u/s 54EC. Regarding deduction u/s 54F, assessee misrepresented facts during assessment proceedings. Penalty imposed by Assessing Officer and confirmed by Tribunal. However, assessee's claim u/s 54F partially allowed in quantum proceedings. Penalty on allowed portion to be reconsidered. Assessing Officer directed to recompute penalty, granting relief of Rs. 30,00,000/- reducing penalty amount accordingly. Assessee's appeal partly allowed. en-us Tue, 27 Aug 2024 08:18:33 +0530 Tue, 27 Aug 2024 08:18:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80715 Penalty proceedings u/s 271(1)(c) for disallowing deductions u/ss 54EC and 54F. Assessee admitted and withdrew incorrect claim u/s 54EC, constituting furnishing of inaccurate particulars. Penalty upheld for deduction u/s 54EC. Regarding deduction u/s 54F, assessee misrepresented facts during assessment proceedings. Penalty imposed by Assessing Officer and confirmed by Tribunal. However, assessee's claim u/s 54F partially allowed in quantum proceedings. Penalty on allowed portion to be reconsidered. Assessing Officer directed to recompute penalty, granting relief of Rs. 30,00,000/- reducing penalty amount accordingly. Assessee's appeal partly allowed. Highlights Income Tax Tue, 27 Aug 2024 08:18:33 +0530 https://www.taxtmi.com/highlights?id=80715