Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (2) TMI 1308 - AT - Income TaxPenalty u/s 271(1)(c) - change of head of income during the reassessment proceedings - rental income from warehousing premises was treated as business income OR Income from house properties - Reopening of assessment - HELD THAT:- In the reopened assessment proceedings, the assessee fairly conceded to the change of head of income as proposed by the AO. There was neither furnishing of inaccurate particulars of income nor of concealment of income. We agree with the contention of the assessee that it was not a case of furnishing of inaccurate particulars of income or concealment of income. The assessee even had fairly agreed to the change of head of income during the reassessment proceedings. Every case where the claim of the assessee is not accepted cannot be said to be a case of concealment of income. The addition in this case has been made because of change of head of income and not because of furnishing of inaccurate particulars of income or concealment of income. It is not a case where the assessee had deliberately shown the income under a wrong head but under a bonafide belief that the income of the assessee was assessable as business income. We do not think it to be a case for levy of penalty under section 271(1)(c). The penalty levied by lower authorities is therefore ordered to be deleted. - Decided in favour of assessee.
|