Hello to all kindly reply as its urgent-
penalty u/s 271(1)(c) - The assesse claimed interest of Rs. 10 lakhs as deduction against income from house property and as the assessee didnt give any explanation for the Rs.10 lakhs that how did he claim interest deduction of Rs. 10 lakh as the limit is only Rs. 150000 . Kindly help me out what fact or reason should be given in the form 35 to file an APPEAL to the department.
Thank you all.
Rs 150000 limit exists only if House property is self occupied, in case of Let out property, there is no limit on the Int that can be claimed as deduction. The assessee may have some interest certificate on the basis of which he might have claimed int? cant u submit that? and sought clarification from the client regarding the status of the House property he has quoted while filing the return (Self occupied or let out ?),before making any representations on behalf of the client
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