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2015 (10) TMI 18 - AT - Income TaxPenalty under section 271(1)(c) - un-disclosed house property income - rental income inadvertently omitted in the original return was voluntarily offered for taxation during the course of assessment proceedings - Held that:- As during the course of assessment proceedings, the assessee realized its mistake and pointed out the same to the Assessing Officer. There was no detection of concealed income by the Revenue Authorities. The assessee voluntarily offered the rental income of ₹ 2,90,572/- for taxation and the same was accepted by the Assessing Officer in the assessment order dated 30.1.2013 passed under section 143(3) of the Act. Considering the entire facts and circumstances of the present case and also keeping in view the decision of the Hon'ble Bombay High Court in the case of CIT v. Somany Evergree Knits Ltd. [2013 (4) TMI 154 - BOMBAY HIGH COURT ] in the facts and circumstances of the present case, no penalty under section 271(1)(c) of the Act can be validly levied. Therefore, cancel the penalty levied by the Assessing Officer and confirmed by the learned CIT (Appeals). - Decided ion favour of assessee.
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