2007 (10) TMI 639

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..... e revenue is aggrieved by an order dated 19-1-2007 passed by the Income-tax Appellate Tribunal ( Tribunal ), Delhi Bench H , New Delhi in ITA No. 4363/Delhi/2005 relevant for the assessment year 2000-01. 2. The only controversy in this case is whether the Assessing Officer had recorded his satisfaction for initiating penalty proceedings against the assessee under sections 271(1)(b) and 271(1)( .....

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..... the rental income received by the assessee is required to be assessed under the head Income from house property or under the head Business income as claimed by the assessee. The CIT(A) held that two views are possible in this regard and since there is no clear and definite inference that can be drawn one way or the other, it could not be said that the assessee had concealed its income or furni .....

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