9911796707
TMI Blog2013 (10) TMI 426X X X X Extracts X X X X X X X X Extracts X X X X ..... e return of income for the year under consideration was filed by it on 18-11-2003 declaring total loss of Rs. 1,13,12,996/-. In the assessment completed u/s 143(3) of the Income Tax Act, 1961 vide an order dated 24-2-2006 read with rectification order passed u/s 154 of the Act, the total income of the assessee was determined by the A.O. at a loss of Rs. 1,21,18,311/-. In the said assessment, rental income from warehouse amounting to Rs. 65,01,328/- declared by the assessee as its business income was treated by the A.O. as "income from house property" and after allowing deduction of Rs. 19,50,398/- u/s 24A of the Act being 30% of the rental income, the net income of Rs. 45,50,932/- was brought to tax by the A.O. in the hands of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ished are true and correct are all questions which require an inquiry into the facts and consideration of material on record before arriving at the conclusion whether the penalty is to be impose or not-process of inquiry into the correctness of particulars furnished by assessee cannot be closed at the threshold by looking at the return- Therefore solely on the ground that the assessee has disclosed certain receipts in Part III of the return, a conclusion cannot be reached that assessee is not guilty of concealing particulars of his income or of furnishing inaccurate particulars- Tribunal erred in stopping at that stage and not considering the material before. iii). "Penalty under s.27 1 (1)(c)Quantification- Quantification of penalty has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as reduced from the total income and addition only to the extent of Rs. 45,50,932/- was instead made to the total income of the assessee in respect of the rental income under the head "income from house property" after allowing deduction u/s 24A of the Act to the extent of Rs. 19,50,398/-. The change in the head of income in respect of warehouse rent thus has actually resulted in reduction of the total income of the assessee which is evident from the fact that the total income of the assessee as finally assessed by the A.O. is a loss of Rs. 1,21,18,311/- as against the loss of Rs. 1,13,12,996/- returned by the assessee and this position has not been disputed even by the ld. D.R. at the time of hearing before us. In the present case, the inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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