No Penalty for Income Misclassification: Assessee's Rental Income Reclassification u/s 270A Deemed Valid Explanation.

Penalty u/s 270A - “under reporting” of the income - The assessee has not under reported any income. The addition has arisen on account of change in head of income. We notice that the assessee has offered an explanation as to why it reported the rental income under the head Income from House property and the said explanation is not found to be false. - No penalty - AT .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X