Held that when the income offered for taxation under the head income from house property and the said income was assessed under the head profits and gains of business , it cannot be said to be the income is suppressed or under -reported any income . Penalty is deleted . (AY. 2017-18 ) (ITA No. 188/Mum/ 2023 dt. 17 -10 -2023 )
D.C.Polyester Limited v .DCIT ( 2024 ) BCAJ- February – P. 42 ( Mum)( Trib)
S. 270A:Penalty for under -reporting and misreporting of income – Change of head of income – Income from house property – Business income – Penalty cannot bee levied for under reporting of income – [ S. 22, 24(a), 28(i), 270A(6)(a) ]
Leave a Reply