9911796707
TMI Blog2022 (5) TMI 522X X X X Extracts X X X X X X X X Extracts X X X X ..... orded liberal interpretation and a small delay of few days have been condoned for the eligibility purposes - HELD THAT:- We find merit in the plea of the assessee for cancellation of penalty. While the admissibility of deduction under Section 54F in the circumstances may be somewhat debatable due to non compliance of strict letter of law. However, this by itself, would not result in imposition of penalty as a consequential measure. The case of the assessee is fully supportable by the decision of the Hon ble Supreme Court in the case of CIT vs. Reliance Petro Products Pvt . Ltd. [ 2010 (3) TMI 19 - SUPREME COURT] Admittedly, no inaccuracy was found in the particulars of deduction claimed as such. The assessee also has a basis for claim of d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the facts of the present case. It was pointed out that the Assessing Officer in the quantum proceedings, disallowed the claim of the assessee under Section 54F of the Act for exemption of capital gains on the ground that the assessee has not satisfied the conditions of Section 54F of the Act. In this regard, the ld. counsel pointed out that the assessee has transferred the original asset on 30.05.2011 (incorrectly written as 24.05.2011) by the CIT(A) and claimed exemption of Rs.44,50,000/- towards Long Term Capital Gain arising thereon on the ground that new asset was purchased by the assessee albeit on 09.04.2010. Further, the ld. counsel pointed out that the Tribunal in the quantum proceedings itself has noted the fact that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4. Ld. DR for the Revenue relied upon the actions of the Ld. CIT(A) and Assessing Officer as reflected in their respective orders. 5. We have carefully considered the rivals submissions. The short issue, in the instant case, is towards justification of imposition of penalty with aid of Section 271(1)(c) for rejection of deduction claimed under Section 54F of the Act. 5.1 As narrated on behalf of the assessee, it is seen that the basis for denial of deduction under Section 54F is that the purchase of the property i.e. new asset was beyond the period of one year vis- -vis sale of the old asset in this regard. It is the case of the assessee that although the purchase of new asset is beyond one year vis- -vis sale of the old asset, the se ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
