Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (2) TMI 332 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - false claim made towards interest deduction while computing income from house property - Held that:- The assessee has deliberately filed inaccurate particulars in respect of the claim made towards interest deduction while computing income from house property. It is apparent from the facts that entire loan amount was not utilized for purchase of the property on which rental income was earned. Similar deductions were made in the assessment years 2007-08, 2008-09 and 2009-10. It is not in dispute that the assessee herself filed revised return for the assessment year 2009-10. This shows that the assessee all along knows that the entire interest claimed against rental income is not allowable. However, for the 2010-11, no such revised return was filed. The intentions of the assessee in claiming entire interest as deduction from house property income does not appear to be bonafide. Thus we agree with the view of the lower authorities that the assessee had deliberately and intentionally made a false claim of excess interest against the house property income. However, at the same time, we are of the considered view that this is not a fit case for levy of 300% penalty. Therefore, we direct the assessing officer to levy minimum penalty i.e. 100% of the income sought to be evaded and compute the penalty accordingly. - Decided partly in favour of assessee
|