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2017 (7) TMI 103 - ITAT MUMBAIPenalty levied u/s 271(1)(c) - notional rental income working - Held that:- We have seen that he AO worked out the notional rental income during the assessment on the basis of estimated deemed income from ‘house property’ and added the same in the income of the assessee. The assessee has not filed any appeal against the addition made by AO. The Hon’ble Bombay High Court in DIT Vs Administrator of Late Mr. E.F. Dinshaw (2015 (9) TMI 318 - BOMBAY HIGH COURT) held that if the claim made by the assessee in the return of income, which was rejected by revenue, it would not amount to furnishing of inaccurate particulars or concealment of income. Eligible for Municipal Ratable Value - assessee has NOT offered the notional income on deemed let out property u/s 23(1) of the total investment made - Held that:- We modify the order of ld. CIT(A) and direct the AO to assess the rental income of the properties in accordance with the decision of jurisdictional High Court in Tip Top Typography [2014 (8) TMI 356 - BOMBAY HIGH COURT ].
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