Mere Making of a Wrong Claim would not attract Income Tax Penalty: ITAT [Read Order]

Income Tax- Income Tax Penalty - ITAT - taxscan

The Income Tax Appellate Tribunal (ITAT), Chennai recently held that mere making of claim would not be attracted Income Tax Penalty. Assesee P.S. Jayaraman claimed exception under section u/s. 54F and 54EC of the Income Tax Act, 1961under the heads of capital gains. The assessement was completed on 27-03-2014 under section 143(3) of Income Tax…

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