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2021 (4) TMI 955 - AT - Income TaxPenalty u/s 271(1)(c) - quantum addition arising from treatment of rental income (as to whether it came under the head ‘income from house property’ or ‘income from business’) - HELD THAT:- DR fails to dispute that the impugned issue is essentially regarding treatment of assessee’s rental income than involving concealment of particulars or furnishing of inaccurate particulars of income u/s.271(1)(c) of the Act. Hon'ble apex court’s landmark decision in CIT Vs Reliance Petroproducts Limited [2010 (3) TMI 80 - SUPREME COURT] holds that quantum and penalty are parallel proceedings wherein each and every disallowance/addition made in former does not ipso facto attract latter penal provision. Respectfully following the same, we direct the Assessing Officer to delete the impugned penalty. - Decided in favour of assessee.
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