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2022 (9) TMI 838 - AT - Income TaxPenalty levied u/s. 271(1)(C) - Disallowance of claim of u/s. 80P(2)(d) on rental income - assessee claimed statutory deduction u/s. 24 of the Act and accepted the addition as the rental income - A.O. initiated penalty proceedings for furnishing inaccurate particulars of income. HELD THAT:- It is seen from the Penalty order that the assessee has filed a rectification petition u/s. 154 stating the rental income has already been offered by revising the return on 29.03.2017. AO also held that the bonafideness of the assessee remain unproved as it has filed Revised Return after 8 months of receipt of notice u/s. 143(2) of the Act i.e. the assessee offered the rental income only after the statutory proceedings were initiated by the department. The levy of penalty u/s. 271(1)(c) for filing inaccurate particulars of income does not arise when the assessee filed a Revised Return offering to tax the rental income. In our considered view, the penalty levied u/s. 271(1)(c) is hereby deleted. Appeal filed by the Assessee is allowed.
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