Assessee rightly offered 50% rental income from jointly-owned Singapore property. Revised return accepted. No willful concealment. Penalty deleted.

Assessee rightly offered 50% rental income from jointly-owned Singapore property. Revised return accepted. No willful concealment. Penalty deleted. https://www.taxtmi.com/highlights?id=80120 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. en-us Mon, 05 Aug 2024 07:05:29 +0530 Mon, 05 Aug 2024 07:05:29 +0530 TaxTMI RSS Generator Assessee rightly offered 50% rental income from jointly-owned Singapore property. Revised return accepted. No willful concealment. Penalty deleted. https://www.taxtmi.com/highlights?id=80120 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. Highlights Income Tax Mon, 05 Aug 2024 07:05:29 +0530 https://www.taxtmi.com/highlights?id=80120