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Homebuyer asked to pay penalty for not correctly calculating his tax exemption claim under Section 54F; ITAT Ahmedabad gives relief to him

The ITAT Ahmedabad has cleared Mr. Sanghvi from tax penalty by declaring it null and void. The penalty was based on allegations of misreporting income due to a mishap with his Section 54F capital gains tax exemption claim. However, the tribunal found that a mere calculation error in Section 54F does not indicate any intention of misreporting.