Mere Disallowance of Claim u/s 54F will not attract Penalty u/s 271(1)(c): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench has held that mere disallowance of the claim under section 54F will not attract a penalty u/s 271(1)(c). During assessment proceedings, the Assessing Officer levieda penalty of Rs.2,92,210/- u/s.271(l)(c) of the Act, 1961 onthe assessee, Mr. Ashif Mehbbobelahialleging that the assessee having wrongly claimed capital gains, earned…