TMI Blog2013 (7) TMI 412X X X X Extracts X X X X X X X X Extracts X X X X ..... garding the nature of his income which was also reflected in the certificate issued by the employer. Even the genuineness of the expenditure claimed to be incurred by the assessee for earning commission income etc. was not doubted by the A.O. The assessee thus cannot be said to be guilty of furnishing inaccurate particulars of his income - In favour of assessee. - I.T.A. No.5733 /Mum/2011 - - - Dated:- 8-5-2013 - Shri P. M. Jagtap, AM And Dr. S. T. M. Pavalan, JM,JJ. For the Appellant : Shri Rajendra Kumar For the Respondent : Shri Devendra A. Mehta ORDER Per P. M. Jagtap, A. M. This appeal is preferred by the Revenue against the order of the ld. CIT(A) -29, Mumbai dated 13-6-2011 for A.Y. 2006-07 whereby he cancelled th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng, the following explanation was offered by the assessee vide letter dtd. 1-6-2009:- "During the course of assessment proceedings, I have realized that I have made mistake of showing commission of Rs. 17,90,283/- received from employer as business income which as per the IT Act is falling under the head salary income. Further, I have received interest free housing loan of Rs. 15,50,000/- from my employer. The said interest is also in the nature of perquisite falling under the head income from salary. I admit that I have made a serious mistake while filing the return of income for the assessment year indicated above. Therefore, I have filed a revised computation of my income during the assessment and the assessment order has been passed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... garding the nature of income. The income from salary amounted to Rs. 2,40,000/- only. The TDS certificate issued for the commission income states that the nature of payment is consultancy and dalali. 2) There are genuine expenditure incurred for earning commission income which have been also disclosed in the return of income. The expenses are not doubted. The appellant maintains a separate establishment for his commission business by an annual payment of rent for office premises amounting to Rs. 1,20,000/-. 3) The appellant is not a related person of the company and is an independent employee. Therefore there is no presumption of splitting salary income into salary and commission. 4) There is only a change of head of income which has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held that when the assessee had furnished all the details of the expenditure as well as income in its return, which details, in themselves, were not found to be inaccurate nor could be viewed as the concealment of income on its part, penalty u/s 271(1)(c) of the Act was not attracted. It was held that merely because the assessee had made a claim which was not accepted or acceptable to the Revenue, that by itself could not attract the penalty u/s 271(1)(c) of the Act. As noted by the ld. CIT(A) in his impugned orders in this regard, full disclosure was made by the assessee regarding the nature of his income which was also reflected in the certificate issued by the employer. Even the genuineness of the expenditure claimed to be incurred by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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