Deduction Claim on Building Construction Expenses: ITAT deletes Penalty on Trust for Bona Fide Error [Read Order]

ITAT deletes the penalty due to an unintentional mistake made by the assessee in claiming a deduction on construction expenses
By Kavi Priya - On August 14, 2024 5:16 pm - 2 mins read
Penalty on Trust - Building Construction Tax Deduction - Construction Income Tax Deduction - Income Tax - taxscan

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) cancelled the penalty levied on the assessee under Section 271(1)(c) of the Income Tax Act, 196. The ITAT found that the assessee made a bonafide error in claiming the deduction on building construction expenses and there is no actual impact on the taxable…

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