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TMI Blog2015 (10) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... come through e-filing declaring taxable income of Rs. 3,43,100/- under the heads 'income from house property' and 'income from other sources'. Subsequently, the case was selected for scrutiny assessment through CASS. The Assessing Officer framed the assessment under section 143(3) of the Act on 30.1.2013, wherein the amount of Rs. 2,90,572/- on account of un-disclosed house property income was added to the total income of the assessee. Thus, net income of Rs. 2,03,400/- was added to the income of the assessee after allowing deduction under section 24(a) of the Act. The Assessing Officer initiated the penalty proceedings under section 271(1)(c) of the Act and a show cause notice was issued to the assessee. In response to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not included in the rental income, as deduction of tax at source was not deducted thereon by the tenants, as such rent received was omitted to be taken into account. The Assessing Officer has stated that the assessee surrendered the income of Rs. 2,90,572/-, which was added to the total income of the assessee. The Assessing Officer took a view that the assessee has deliberately concealed his particulars of income from house property and furnished inaccurate particulars of his income. Consequently, the Assessing Officer imposed a penalty of Rs. 62,139/- under section 271(1)(c) of the Act. 4. On appeal, the learned CIT (Appeals) confirmed the penalty, and hence the assessee is in appeal before the Tribunal. 5. I have heard S/Shri K.C. Jain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant to observe here that the Assessing Officer has omitted to make the mention of revised return filed by the assessee on 26.4.2011. However, it is true that the return submitted on 26.4.2011 cannot be considered as revised return filed under section 139(5) of the Act. At the same time, it is not the case where the rental income not shown in the original return was detected by the Revenue Authorities. Admittedly, the assessee offered the rental income on 26.4.2011 and paid the taxes thereon before any detection of concealment by the Revenue Authorities. No notice or query was raised regarding the rental income offered by the assessee for taxation on 26.4.2011. Therefore, it cannot be said that the assessee either concealed the income or fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such circumstances, the levy of penalty was justified. In the said case, the mistake was rectified during the assessment proceedings since the time to file the revised return was expired. However, during the course of assessment proceedings, the assessee realized its mistake and pointed out the same to the Assessing Officer. In the instant case also, during the course of assessment proceedings, the assessee realized its mistake and pointed out the same to the Assessing Officer. There was no detection of concealed income by the Revenue Authorities. The assessee voluntarily offered the rental income of Rs. 2,90,572/- for taxation and the same was accepted by the Assessing Officer in the assessment order dated 30.1.2013 passed under section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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