https://www.taxtmi.com/caselaws?id=772529 ITAT Ahmedabad allowed the assessee's appeal and deleted penalty under section 271(1)(c). The assessee had filed a belated return and revised return, with deductions under sections 54EC and 54F initially denied. CIT(A) proportionately allowed these deductions. The tribunal held there was no concealment of income as the return was filed within extended time limits under section 139(4). Following precedent in Shri Jignesh Jaysukhlal Ghiya case, investment benefits cannot be denied when returns are filed within statutory extended periods despite being belated. en-us Wed, 04 Jun 2025 00:00:00 +0530 Tue, 10 Jun 2025 08:43:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772529 ITAT Ahmedabad allowed the assessee's appeal and deleted penalty under section 271(1)(c). The assessee had filed a belated return and revised return, with deductions under sections 54EC and 54F initially denied. CIT(A) proportionately allowed these deductions. The tribunal held there was no concealment of income as the return was filed within extended time limits under section 139(4). Following precedent in Shri Jignesh Jaysukhlal Ghiya case, investment benefits cannot be denied when returns are filed within statutory extended periods despite being belated. Case-Laws Income Tax Wed, 04 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772529