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2017 (2) TMI 498 - ITAT JAIPURPenalty u/s 271(1)(c) - claim of entire interest as deduction u/s 24 under the head income from house property - AR of the assessee submitted that the AO has not pointed out this mistake but it was detected by him - Held that:- The assessee filed the revised return by paying the balance tax and brought to the notice of the AO during assessment proceedings by letter dated 21-10-2010. It is also noted that the AO in the assessment order mentioned that on perusal of the reply of the assessee, it is found that the assessee has wrongly claimed interest on housing loan u/s 24(b) of ₹ 2,39,832/- on self occupied property. It thus appears that the AO has not detected the mistake but it is noticed by the AO only after perusing the reply of the ld. AR of the assessee. It is further noticed that the assessee had filed the revised return of income by paying the balance due tax on the amount excessive claimed against the restriction of deduction to the extent of ₹ 1.50 lacs under head income from house property. It is also noticed that this is the first year of the assessee claiming such deduction u/s 24(b) of the Act. CIT(A) is not justified in confirming the penalty u/s 271(1)(c) which is directed to be deleted. - Decided in favour of assessee
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