TMI Blog2017 (4) TMI 625X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the act only postulates exemption of the share of profit of the firm. Hence, assessee’s claim of exemption qua the rental income of the firm was denied. In this factual scenario we are of the considered opinion that assessee can be considered to be under a bona fide belief that the entire income from the firm is exempt. Such a belief of the assessee cannot be held to be contumacious warranting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion was made on disputed point of share of profit exempt in the hand of partner u/s. 10(2A) and the appeal against the said point is pending before Hon ble ITAT. 2. On the fact of the case and correct construction of law Ld. CIT-A erred in upholding the order of A.O. stating that Appellant has furnished inaccurate particulars of his income, as none of the facts were concealed nor any inaccurate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Up on assessee s appeal Ld. CIT-A confirmed the levy of penalty. 4. Against above order assessee is in appeal before us. We have heard the Ld. DR. None appeared on behalf of the assessee. However, in our considered opinion the issue can be adjudicated upon hearing the Ld. DR and perusing the records. 5. We find that in this case addition has been made due to the reason that assessee has clai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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