TMI Blog2010 (7) TMI 1082X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 3,52,413/-. 3 The assessee is a Co-operative Housing Society. The return filed by the assessee was selected for scrutiny in which the assessee has declared loss of ₹ 25,024/-. The assessee has declared ₹ 13,70,576/- which was in respect of compensation received from the following companies for allowing them to use certain portion of the terrace of the Society building: Sl.No. Name of the parties Amount 1 Page Point Services (I) Ltd ₹ 1,95,680/- 2 Page Point Services Rs.2,54,900/- 3 Gate Way System (I) Ltd Rs.4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... attributable to the building would be covered in the deduction u/s 24 while assessing the rental income. 3.3 After giving the effect to the CIT(A) s order, the total income was revised at ₹ 13,70,576/-. When the issue of quantum was challenged before the Tribunal, the assessee got further relief and thereafter, the income was re-determined at ₹ 8,99,013/-. The A.O levied the penalty of ₹ 3,52,413/- u/s 271(1)(c) of the Act for concealing the particulars of income. The assessee challenged the penalty order before the ld CIT(A) but without success. Now, the assessee is in appeal here before us. 4 We have heard the rival submissions and also perused the relevant records before us. There is no dispute about the fact tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ld DR vehemently argued that the assessee filed wrong particulars claiming rental income received from the above four companies as exempt under the concept of mutuality. He, therefore, pleaded that it is a fit case where the penalty is required to be levied. 5 In our opinion, nothing has been withheld by the assessee in respect of the particulars. At the first instant, the assessee tried to make out a claim that the entire rental income is exempt on the concept of mutuality. Thereafter, he made out a claim that the entire income is to be assessed as income from house property. But both the claims of the assessee have been negated. The A.O brought to tax the entire rental income/license fee under the head income from other sources . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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