https://www.taxtmi.com/caselaws?id=756520 The ITAT Mumbai dismissed the assessee's appeal regarding rental income assessment. The assessee, a Singapore resident owning 50% of a Singapore property with his wife, erroneously declared 100% rental income in AY 2014-15 but corrected it to 50% in the revised return for the year under consideration. Since lower authorities accepted the revised return without additional demands, the tribunal found no grievance. However, the penalty under section 271(1)(c) was deleted as the assessee filed a revised return correcting errors without willful concealment, and the AO accepted the revised income declaration. en-us Thu, 01 Aug 2024 00:00:00 +0530 Mon, 05 Aug 2024 07:05:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756520 The ITAT Mumbai dismissed the assessee's appeal regarding rental income assessment. The assessee, a Singapore resident owning 50% of a Singapore property with his wife, erroneously declared 100% rental income in AY 2014-15 but corrected it to 50% in the revised return for the year under consideration. Since lower authorities accepted the revised return without additional demands, the tribunal found no grievance. However, the penalty under section 271(1)(c) was deleted as the assessee filed a revised return correcting errors without willful concealment, and the AO accepted the revised income declaration. Case-Laws Income Tax Thu, 01 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756520