No penalty for bonafide mistake in claiming both depreciation & deduction U/s. 24(a)

Meetesh Shiroya Brief facts of the case are that during the year under consideration the assessee had shown income from business or profession, income from house property and income from other sources and had filed return declaring income of Rs. 3,27,79,273/-. In course of assessment proceedings the AO noticed that during the year assessee had shown rental income of Rs. 29,26,000/- in respect of property at A-78, Sector 63, Noida. This income  was shown under the head income from house property and 30% deduction thereof had been claimed u/s 24(a) of the I.T. Act. The AO further noticed that ...