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Badrikeshwar Co-op. Hsg. Soc Versus ITO

2015 (12) TMI 1545 - ITAT MUMBAI

Penalty u/s.271(1)(c) - change in head of income - assessee as a housing cooperative society has shown the receipt from mobile company, in income and expenditure account and surplus of this account has not been considered/offered as income on the pri .....

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. In our opinion, there is no justification to support the penalty order passed by the A.O u/s 271(1)(c) of the Act levying penalty upon the assessee. See Jolly Highrise Co-op HSG Society Ltd. [2010 (7) TMI 1082 - ITAT MUMBAI] - Decided in favour of .....

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of CIT(A)-Mumbai, dated 4-10-2013, for the assessment year 2005-06, in the matter of imposition of penalty u/s.271(1)(c) of the I.T.Act. 2. Rival contentions have been heard and record perused. The assessee is a housing cooperative society. The asse .....

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errace to be used or installing telecommunications network as business income. The assessee s contention is regarding treating the receipt as income from property and allowing the allowance was declined by the lower authorities. For the change in hea .....

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income was deleted by the Tribunal after observing that assessee has furnished its full particulars of income. The precise observation of the Tribunal in case of Jolly Highrise Co-op HSG Society Ltd., ITA No.6521/Mum/2009, dated 30-07-2010, was as u .....

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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'. .....

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