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2013 (12) TMI 773 - ITAT MUMBAILevy of penalty u/s 271(1)(c) - Income from property - Held that:- Change of head or confirmation of an addition in quantum proceedings does not result in automatic levy of concealment of income. In the case before us, all the facts location of the properties, income received from the properties during the AY under consideration -were available on file - For levy of penalty u/s 271(1)(c) the two conditions must exist - In this case both the conditions were not fulfilled - Penalty u/s. 271(1)(c) was not leviable as it is a case of change of head of income only and assessee as well as AO were treating a particular head of income as correct head of income in earlier years - Decided in favour of assessee.
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