Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (4) TMI 1151 - AT - Income TaxPenalty under section 271(1)(c) - excess deduction claimed on account of interest on borrowed capital in respect of self– occupied property - Held that:- The assessee has paid the interest amount claimed as deduction. It may be a fact that due to oversight or ignorance of relevant statutory provision, the assessee had claimed the excess deduction on account of payment of interest payment of the self–occupied property. However, for claiming such deduction, no malafide intention can be imputed to the assessee. As such deduction claimed possibly could be on account of human error, no penalty can be imposed under section 271(1)(c), as held by the Hon'ble Supreme Court in Price Waterhouse Coopers Pvt. Ltd. (2012 (9) TMI 775 - SUPREME COURT ). In view of the aforesaid, we delete the penalty imposed under section 271(1)(c) of the Act. - Decided in favour of assessee.
|