Allowability of Salary Exemptions: Form 16 entries can substantiate HRA and other salary exemptions, and home loan interest is deductible for a self-o...
Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure re...
Penalty under the tax provision for furnishing inaccurate particulars was contested where the assessee claimed interest under capitalisation rather than revenue deduction. Tribunal relied on the Supreme Court principle that an incorrect claim does not automatically constitute furnishing inaccurate particulars, and observed the assessing officers disallowance on capitalisation had attained finality. Subsequent treatment by the assesseecapitalising interest in a later yearfurther supported absence of deliberate inaccuracy. Consequently the appellate authority concluded the penalty was unsustainable and allowed the assessees grounds, setting aside the confirmed levy of penalty.
Penalty under the tax provision for furnishing inaccurate particulars was contested where the assessee claimed interest under capitalisation rather than revenue deduction. Tribunal relied on the Supreme Court principle that an incorrect claim does not automatically constitute furnishing inaccurate particulars, and observed the assessing officers disallowance on capitalisation had attained finality. Subsequent treatment by the assesseecapitalising interest in a later yearfurther supported absence of deliberate inaccuracy. Consequently the appellate authority concluded the penalty was unsustainable and allowed the assessees grounds, setting aside the confirmed levy of penalty.
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