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2013 (10) TMI 426 - ITAT MUMBAIPenalty under section 271(1)(c) of the Income tax act – Mistake in classification of head of income – Held that:- The income of the assessee for the year under consideration as finally assessed is less than the income returned by the assessee and this being the undisputed position, no penalty u/s 271(1)(c) of the Act can be imposed as it cannot be said that the assessee has sought to evade any tax by declaring its rental income as business income – Decided in favor of Assessee.
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