TaxTMI 
TaxTMI 
2015 (10) TMI 1481
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....ected against the order passed by the Commissioner of Income-tax (Appeals) on February 7, 2008 upholding the penalty of Rs. 17,49,622 imposed by the Assessing Officer under section 271(1)(c) of the Income-tax Act, 1961 (hereinafter also called "the Act") in relation to the assessment year 2001-02. 2. Before proceeding with the matter, we want to set out the relevant facts under which this appeal ....
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....m the side of the assessee despite notice. We are, therefore, proceeding to dispose of this appeal ex parte qua the assessee. 4. Briefly stated, the facts of the case are that the assessee is a builder and promoter. No business activity was carried on during the year relevant to the assessment year under consideration. Some rental income was earned apart from some interest on fixed deposit receip....
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....come under the head "Income from house property", which the learned Commissioner of Income-tax (Appeals) upheld in the first appeal. 5. At this juncture, it is relevant to mention that the assessee challenged the additions made by the Assessing Officer in the quantum proceedings. The Tribunal, vide its order dated March 28, 2013 disposed of the assessee's quantum appeal. A copy of such order ....
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....lear that the assessee's contention for claiming deductions towards various expenses, etc., against income from house property have been held to be not maintainable. 6. Here is a case in which the assessee earned rental income to the tune of Rs. 84 lakhs on which it claimed deduction under section 24(i) for a sum of Rs. 18.75 lakhs. Despite that, it further claimed deduction for various expen....