Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights February 2017 Year 2017 This

Penalty u/s 271(1)(c) - claim of entire interest as deduction ...


Taxpayer Avoids Penalty u/s 271(1)(c) After Revising Return for Excess Deduction Claim on House Property.

February 11, 2017

Case Laws     Income Tax     AT

Penalty u/s 271(1)(c) - claim of entire interest as deduction u/s 24 under the head income from house property - 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 - No penalty - AT

View Source

 


 

You may also like:

  1. Penalty proceedings u/s 271(1)(c) - Assessee company failed to provide bonafide explanation for inflated expenses claimed in revised return, contrary to audited...

  2. Penalty levied u/s.271(1)(c) - revised return filed - assessee has adopted the recourse of avoiding litigation, therefore, revised the return to buy peace of mind - no...

  3. Penalty u/s. 271(1)(c) - If AO accepted the revised return, there was no question of making inadmissible claim of deduction u/s 10B in such revised return. In fact,...

  4. Levy of penalty u/s 271(1)(c) - weighted deduction u/s 35(1)(ii) claimed in the original return and later in the return filed in response to notice u/s 148 of the Act,...

  5. Penalty u/s 271(1) (c) - period of limitation - treatment of lease rent income - in the revised return, assessee claimed the same as income from house property to claim...

  6. Rental income determination - assessee jointly owns 50% house property in Singapore with wife - offered 100% rental income for AY 2014-15 erroneously, rectified in...

  7. Penalty being 300% by invoking Section 271(1)(c) - return was revised before completion of assessment - Revenue is not justified in imposing penalty under Section 271(1)(c) - HC

  8. Penalty u/s 271(1)(c) was imposed for excess deduction claimed u/s 10B. The assessee furnished all relevant facts for computing total income, and provided detailed...

  9. Penalty under section 271(1)(c) - The return was revised with a view to co-operate the Department and to buy peace and to avoid litigation. The disclosure was with a...

  10. The assessee had conceded the compensation income to be included as income from other sources. However, upon judicial examination, the compensation was found to be...

  11. Penalty u/s 271(1)(c) was imposed despite the assessee withdrawing the exemption claim u/s 10(38) for Long Term Capital Gain (LTCG) on sale of penny stocks and offering...

  12. Levy of Penalty u/s. 271(1)(c) - The ITAT ruled that since there was no variation between the returned and assessed income, there was no concealment of income by the...

  13. Penalty u/s 271(1)(c) - assessee had sold a plot of land in respect of which deduction u/s 54B claimed - withdrawal of deduction u/s 54B - merely because the assessee...

  14. Penalty u/s 271(l)(c) - The assessee has immediately on receipt of the notice u/s 142(1) has revised the computation of income restricting the deduction claimed u/s 54F...

  15. Penalty u/s.271(1)(c) - claimed higher deduction u/s.36(1)(viia) based on opinion of the Central Statutory Auditors - latter on based on different view canvassed against...

 

Quick Updates:Latest Updates