ITAT directs AO to recompute Penalty on Incorrect Income Tax Deduction u/s 54EC [Read Order]

The bench  held that while computing the penalty relief of Rs. 30,00,000 should be granted, thus reducing the penalty amount accordingly
By Saagarika Gopinath - On August 29, 2024 12:35 pm - 2 mins read
ITAT - AO - recompute Penalty - Incorrect Income Tax - Deduction - taxscan

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed the assessing officer to re-compute the quantum of penalty on incorrect income tax deduction under Section 54EC of the Income Tax Act, 1961. In this case, the assessee, Maya K. Dharwani, is having interest on loans and income…

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