Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered...

Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered 100% rental income for AY 2014-15 erroneously, rectified in revised return offering 50% - lower authorities accepted revised return - no specific grievance raised by assessee. Additional ground for 50% rental income assessability not pressed. Penalty u/s 271(1)(c) deleted - no willful concealment as revised return filed rectifying errors, income accepted by revenue - penalty levy not justified based on Supreme Court ruling. .....

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