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2014 (1) TMI 1868 - ITAT MUMBAIPenalty u/s 271(1)(c) - Change of head of income - why income from rent be not treated as income from house property - HELD THAT:- Assessee was claiming income under one head and the revenue authorities assessed the assessee under a different head. In so far as furnishing of primary material, there was neither any dispute, nor an adverse allegation. The only dispute is that the revenue authorities treated the income not from rent but from house property, this by itself cannot form the basis for the levy of penalty, as held by the above mentioned decisions and other catena of decisions on the issue of cancellation of penalty, when the revenue authorities change the head of income. Thus penalty is not exigible. We, therefore, set aside the order of the CIT(A) and direct the AO to cancel the penalty. - Decided in favour of assessee.
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