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TMI Blog2022 (9) TMI 928X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Act 1961, [in brevity the Act] for A.Y. 2012-13.The impugned order was originated from the order of the Income Tax Officer, Ward 3(2), Srinagar, (in brevity the AO) order passed u/s 271(1)(c) of the Income Tax Act date of order 10.08.2015. 2. The grounds of the appeal are extracted as below: "1. Reg Imposing of Penalty Rs 406623/=: That on the basis of Facts and Circumstances of the case the Worthy CIT(A) erred in not deleting the penalty imposed by the Ld A.O. 2. That the appellant craves leave to add, alter, amend or delete any of the grounds of Appeal at the time of hearing and all above grounds are without prejudice to each other." 3. The brief fact of the case is that the assessee was assessed u/s 143(3) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the assessee- (a) is the owner of any property consisting of any buildings or lands appurtenant thereto which has been let to a tenant; and (b) has received any amount, by way of arrears of rent from such property, not charged to income-tax for any previous year, the amount so received, after deducting 84[a sum equal to thirty per cent of such amount], shall be deemed to be the income chargeable under the head "Income from house property" and accordingly charged to income-tax as the income of that previous year in which such rent is received, whether the assessee is the owner of that property in that year or not.]" 5.1 But the assessee had taken yearwiserent in each & every year in the return of income. The list with copy of ITRs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnished inaccurate particulars of income and is therefore liable for imposition of penalty under section 271(1)(c) of the IT Act." 6. We heard the rival submissions considered the documents available in the records. The addition was made on basis of the contravening section 25B of the Act related to arrear rent received duly assessment year which was not declared in the return of income for A.Y. 2012-13. The section 25B inserted in Finance Act 2000 w.e.f. 01.04.2001 is more clarificatory in nature and it only clarified the position that if any arrears of rent are received in subsequent years, same will be taxed in the year of receipt- "B.M. Gupta and Sons (HUF) vs. ACIT", Circle-31 (Del) 299 ITR 410. The arrear rent which was not declar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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