No penalty for difference of opinion on treatment of rental income

Raghuram Garikapati Vs DCIT (ITAT Hyderabad) The assessee’s sole substantive grievance raised in the instant appeal challenges correctness of both the lower authorities’ action imposing Section 271(1)(c) penalty of Rs.10,46,957/- pertaining to quantum addition arising from treatment of rental income (as to whether it came under the head ‘income from house property’ or ‘income from business’). Learned departmental representative fails to dispute that the impugned issue is essentially regarding treatment of assessee’s rental income than involving concealment of particulars or furni...