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2014 (12) TMI 1294 - AT - Income TaxPenalty levied u/s 271(1)(c) - change of head of income - Income From Property Or Business Income - Held that:- There is no dispute about disclosure of relevant information in the return of income relating to the impugned receipts, which were brought to tax under the head ‘house property’ by the AO. Thus it is a case of change of head of income and there is no default so far as disclosure of relevant information in the return of income is concerned. In the instant case we find that the assessee is consistently furnishing relevant receipts under the head ‘profits and gains of business’ and the claim of the assessee was consistently accepted by the Revenue. Assessee offered the same for these years also but the AO changed the head of income only in view of the subsequent judgement in the case of Shambhu Investment (P) Ltd. (2003 (1) TMI 99 - SUPREME Court ). Therefore, there is nothing malafide from assessee’s side. The AO has not information to demonstration that the claim of the assessee in the return of income is not boanafide. Case of Bennet Coleman & Co. [2013 (3) TMI 373 - BOMBAY HIGH COURT] says - "When income received has been disclosed in computation of income and there is only a change of head of income; in the absence of any facts that the claim of the assessee was not bonafide, the penalty cannot be imposed u/s 271(1)(c) - Decided in favour of assessee.
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