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2015 (12) TMI 1545 - ITAT MUMBAI

2015 (12) TMI 1545 - ITAT MUMBAI - TMI - 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 principal of mutuality - CIT(A) has treated the receipts from allowing the terrace to be used or installing telecommunications network as business income - Held that:- No conscious act on the part of the assessee .....

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l filed by the assessee against the order 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 assessee 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 principal of mutuality. The AO and also CIT(A) has .....

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e penalty so levied for change of head of 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 under :- 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 c .....

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