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Taxpayer's incorrect claims u/ss 54EC & 54F; Penalty upheld for 54EC, revisit for allowed 54F deduction.
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....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.....