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No Penalty for Wrong Claim or Head of Income – ITAT Deletes Section 271(1)(c) Penalty
Case Law Details
- Case Name
- Smt. Subbalakshmi Kurada Vs DCIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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Smt. Subbalakshmi Kurada Vs DCIT (ITAT Bangalore)
In , the ITAT Bangalore deleted penalty under Section 271(1)(c), holding that mere disallowance or change in head of income does not amount to concealment or furnishing inaccurate particulars.
The assessee had:
Shown rental income partly as rent and partly as hire charges (under business income)
Claimed Section 54 deduction on reinvestment made jointly with her son
The AO:
Reclassified hire charges as house property income
Restricted Section 54 deduction
Levied penalty alleging inaccurate particulars
However, the Tribunal observed:
All fac...
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